Top Financial Stocks
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
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 (
) 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.
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