Top Financial Stocks
Financial stocks are extending their gains in afternoon trade
with the NYSE Financial Sector Index now climbing 1.1% and the
S&P Financial 100 Index advancing nearly 1.0%.
In company news, JPMorgan Chase & Co. (
) is holding on to a 0.3% rise to $52.72 a share in late trade
after saying it expects its Q3 revenue from stock and bond trading
to be unchanged to down as much as 5% from year-ago levels.
Speaking today at an investor conference, JPM Chief Financial
Officer Marianne Lake said while trading revenue this quarter is
"tracking well versus the third quarter of last year," last
September was a particular strong period for the company - one JPM
is unlikely to replicate in 2013.
JPM also is facing a slew of government investigations and
potential lawsuits and Lake said the money it will set aside for
legal expenses will "more than offset" any benefit it may receive
from the release of extra reserves it had taken for mortgage
The company, she said, is expecting to lose money on its
mortgage production business in Q3 and Q4 due to a drop-off in
loan-refinancing volumes as interest rates have risen in recent
In other sector news,
(+) NYX, Buys undisclosed minority stake in ACE, a transaction
management platform for private placements of equity, debt and
(-) BOFI, Completes acquisition of about $173 million in
deposits from Principal Bank, including $31 million in time deposit
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