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Midday Report: Ackman Says Sorry for Valeant Stake; Financials Climb

Stocks held onto modest gains through the morning as the financial sector set up a rebound.

Stocks held onto modest gains through the morning as the financial sector set up a rebound. Big banks such as JPMorgan (JPM) - Get Report and Citigroup (C) - Get Report were among the sector's best performers. VF Corp. (VFC) - Get Report detailed its plans for the next five years, including returning $8 billion to shareholders. The owner of Timberland anticipates a five-year compounded annual growth rate of 4% to 6% through to 2021.  Goodyear Tire (GT) - Get Report was downgraded to NEUTRAL from BUY at Goldman Sachs. Analysts said the valuation was less attractive as the company faces pricing uncertainty. Billionaire hedge fund manager Bill Ackman has apologized for his investment in Valeant Pharmaceuticals (VRX) , calling it a "huge mistake" that cost Pershing Square a "tremendous amount." Ackman sold his stake earlier this month.

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