By Market News Video Staff, Wednesday, November 10, 12:41 PM ET
Charles Schwab (NYSE:SCHW) was downgraded by FBR today from outperform to market perform. FBR has a $17 price target on the stock, which is currently trading at $15.30 per share, down about 1.5% on the day.
The downgrade comes after Schwab's announcement that it is terminating its previous YieldPlus fund settlement agreement, which FBR said could negatively impact earnings.
Schwab is the #5 holding in the SPDR KBW Capital Markets ETF (AMEX:KCE), which is trading down about half a percent today. Other top stocks in the fund include Goldman Sachs (NYSE:GS), at 7.9% of the portfolio, State Street (NYSE:STT), at 7.79%, Morgan Stanley (NYSE:MS) and CME Group (NASDAQ:CME).
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