Financial Stocks Lodge Modest Gains; Resources Connection Climbing After Q2 Results Top Expectations

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Top Financial Stocks

JPM +0.8%, hit fresh 52 week highs

BAC +2%, also hit fresh 52 week highs


WFC +0.8%, near 52 week highs

C +1.3%, near 52 week highs

USB +0.5%, near 52 week highs

Financial stocks are higher this afternoon with the NYSE Financial Sector Index gaining 0.3% and the S&P Financial 100 Index rising 0.5%.

In company news, Resources Connection Inc. ( RECN ) rose Friday, with shares of the financial services company recently climbing over 5% and hitting fresh 52 week highs after late yesterday reporting fiscal Q2 net income of $0.18 per share, beating Wall Street estimates by $0.03 per share.

Revenue rose 3.3% year over year to $145.9 million, topping the Capital IQ consensus by around $6.51 million. Weekly revenue trends improved steadily throughout the quarter from $11.2 million during the first week of the period to $11.7 million by week ending Nov. 23.

Gross margin improved 160 basis points from the prior quarter and 20 basis points quarter-over-quarter to 39.3%.

In other sector news,

(+) JRJC, (+21%, hit 52 week highs) Chinese online financial services company halves fiscal Q3 net loss compared to the year-ago quarter, reporting a $1.6 mln net loss on an 83% year over year rise in revenue to $7.6 mln. No analyst estimates were available for comparison.

(-) LAND, (-0.1%) Acquires 1,760-acre farm in Cochise County, Arizona for $6.7 million. The farm-focused real estate firm also signed a 10-year lease with Premier Grain Farms, a family-owned and -operated farming company with properties in three states.



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 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Investing , Commodities

Referenced Stocks: RECN

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