Sector Update: Financial

By Staff,

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Financial shares are headed for a higher open today as investors expect more clarity from Fed speakers on the bond-buying program and ahead of manufacturing data.

In financial stocks news this morning, Real estate investment and finance company Newcastle Investment ( NCT ) reported Q3 core earnings of $23.9 million or $0.08 per share. In the prior-year period, it reported earnings of $0.31 per share.

Analysts polled by Capital IQ were expecting EPS of $0.11. Shares closed at $5.74 with a 52-week range of $4.70 - $12.49.

And, Starwood Property Trust ( STWD ) says its Board of Directors has unanimously approved a spin-off of its single-family residential business to its stockholders. The newly formed real estate investment trust, to be called Starwood Waypoint Residential Trust, will apply to list on the New York Stock Exchange and trade under the ticker symbol "SWAY".

In connection with the spin-off, Waypoint Real Estate Group will merge with SWAY Management. Terms of the transaction were not disclosed.

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: NCT , STWD

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