Financial Stocks Broadly Lower; Royal Bank of Canada Lower After CEO Discloses Plan to Step Down


Top Financial Stocks

JPM -2.01%

BAC -1.44%

WFC -0.79%

C -1.81%

USB -0.87%

Financial stocks are mostly lower, with the NYSE Financial Sector Index sinking 0.7% and the S&P Financial 100 Index declining more than 0.8%.

In company news, Royal Bank of Canada (RY,RY.TO) is paring its earlier losses, last trading down about 0.75% at $64.12 each after the chief executive officer of the largest of Canada's "Big 5" banks disclosed plans to retire by August 2014.

CEO Gordon Nixon will leave the bank after 13 years in the post. The bank named Dave McKay, currently head of its Personal and Commercial Banking division, to succeed Nixon.

Also, RY reported Q4 net income rose 11% year over year to C$2.2 billion, or C$1.40 per diluted share.

Adjusted profit for the quarter was $1.42, topping the Capital IQ consensus by $0.04 per share. Revenue rose 6.7% year over year to nearly C$8 billion, also exceeding analyst estimates by around $400 million.

RY also declared a cash dividend of $0.67 per share, up 2 cents from its prior quarter and payable Feb. 24, 2014 to shareholders of record on Jan. 27.

In other sector news,

(+) GGP, (+3.5%) Property manager late Wednesday named to replace Molex ( MOLX ) in the S&P 500, effective after the close of trading on Monday, Dec. 9.

(-) RAS, (-1.1%) Prices $125-mln public offering of 4.00% convertible senior notes due 2033. The conversion price initially will be $9.57 a share, or about 104.4523 shares per $1,000 of face value of the notes.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: MOLX

MT Newswires

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