Financial Stocks Edging Higher; e*Trade Up Nearly 5% Following Analyst Upgrade

By Staff,

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Financial stocks were maintaining small gains today with the NYSE Financial Sector Index climbing 0.3% and the S&P Financial 100 Index adding 0.1%.

In company news, shares of e*Trade Financial Corp ( ETFC ) rose Wednesday after analysts at Bank of America Merrill Lynch raised their investment rating for the online broker age to Neutral from Underperform.

The research shop also boosted its price target for the stock by $2 to $21 a share.

ETFC shares were up 4.6% at $20.89 each in recent trade, earlier climbing to an intra-day high of $20.91 a share. The stock has 52-week range of $9.52 to $25.58 a share, jumping just under 102% over the past 12 months.

In other sector news,

(+) CPSS, (+9.8%) Reports Q1 EPS of $0.21, up from $0.12 per share in year-ago period and beating analyst estimates by $0.02 per share. Revenue rises 24.8% year over year to $68.1 mln, topping Street view by $7.25 mln.

(-) AHT, (-6%) Prices upsized follow-on offering of 7.5 mln shares at $10.70 apiece - a 4.5% discount to its closing price Tuesday night. The $80 mln in gross proceeds will be used to repay debt and for capital expenditures and hotel-related investments.

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

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

This article appears in: Investing Commodities
Referenced Stocks: ETFC

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