Top Financial Stocks
Financial stocks are sharply lower, with the NYSE Financial
Sector Index sinking 1.0% while the S&P Financial 100 Index is
down about 0.9%.
In company news, First Commonwealth Financial (
) is higher, with shares climbing to their best price since March
2009 after reporting Q3 net income of $0.16 per share, up from a
$0.09 profit in the year-ago quarter and beating the Capital IQ
consensus by $0.05 per share.
The bank company attributed the improved net income to higher
net interest income, lower provision for loan losses and
noninterest expense, partially offset by lower noninterest
Shares are up nearly 3% at $8.37 apiece after earlier reaching a
new 52-week high of $8.53 a share.
In other sector news,
(+) COLE, (+8.5%) Agrees to $11.2-bln buyout from American
Realty Capital Properties (
), creating the largest net lease REIT with an enterprise value of
$21.5 billion. ARCP shares have turned negative this afternoon,
falling 2% to $13.09 each.
(+) MKTX, (+0.7%) Q3 earnings of $0.48 per share beat the
analyst consensus by $0.05. Revenue rose 31.7% year over year to
$61.1 mln, trailing expectations by around $1.9 mln.
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