Financial Stocks Climbing Off Session Lows; First Marblehead Planning Reverse Split

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Financial stocks are off their worst levels of the session with the NYSE Financial Sector Index sinking 0.8% and the S&P Financial 100 Index falling 1.0% shortly before the closing bell.

In company news, First Marblehead ( FMD ) is down 2.5% at 83 cents a share after announcing plans for 1-for-10 reverse stock split of its outstanding common stock.

The reverse split is scheduled for Dec. 3 and will not change the par value of its common stock or alter the company's overall market capitalization.

In other sector news,

(+) AGO, Reports non-GAAP EPS of $0.64, a penny better than analyst forecasts. Revenue slid 23.2% year over year to $297 million, also beating the Capital IQ consensus by around $4 million.

(-) RBS, RBS Reduced to Neutral from Buy at Goldman Sachs.



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.

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This article appears in: Investing , Commodities

Referenced Stocks: FMD

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