Financial Stocks Starting to Break From Pack; Goldman Sachs Dragging Dow Lower After Q3 Revenue Miss


Top Financial Stocks

Financial stocks are moderately higher, with the NYSE Financial Sector Index advancing 0.7% and the S&P Financial 100 Index gaining 0.5%.

In company news, Goldman Sachs ( GS ) is down 2.4% at $158.40 a share, well off its session low but still taking hits after this morning reporting Q3 earnings of $2.88 per share, up from a $2.85 profit during the same quarter last year and also beating the Capital IQ consensus by $0.42 per share.

But revenue was down 19.5% from year-ago levels at $6.72 billion, also trailing the Street view by around $500 million.

"The third quarter's results reflected a period of slow client activity," said GS chief executive Lloyd C. Blankfein, later explaining that as longer-term U.S. budget issues are resolved, "We could see an improvement in corporate and investor sentiment that would help lay the basis for a more sustained recovery."

In other sector news,

(+) PVTB, (+6.2%) Posts Q3 net income of $0.42 per share, up from $0.27 gain in year-ago quarter and beating the Capital IQ consensus by $0.05. Net revenue largely unchanged from last year at $134.4 million, also topping forecasts by $2.4 mln.

(-) WU, (-0.9%) Renews partnership with La Banque Postale, the banking subsidiary of French postal services operator La Poste group.

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: GS

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