CB Richard Ellis Drags on Real Estate, Financial ETFs

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CB Richard Ellis (NYSE: CBG) was down more than 6% Wednesday after the company reported first-quarter results, crimping exchange traded funds (ETFs) that invest in real estate stocks and financials.

Investors were disappointed by the quarterly results posed by CB Richard Ellis even though the commercial real estate services provider said it swung to a profit.

Earlier this year, the company said it planned to acquire ING Real Estate Investment Management.

The Financial Select Sector SPDR Fund (NYSEArca: XLF) was flat in afternoon trade Wednesday.