Sector Update: Financial Shares Drag As Investors Absorb Debt Ceiling Deal

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Top Financial Shares:

JPM: -0.7%

BAC: -1%

WFC: -1.2%

C: -0.9%

USB: +0.2%

Financial shares are lower even as Congress agreed on a deal to raise the debt ceiling and reopen government.

In stocks news, Blackstone ( BX ) is down more than 1% in pre-market trade after saying it recorded $0.56 per share in earnings for Q3 and $1.2 billion in revenues. Analysts expected $0.56 in earnings on $1.3 billion in revenue.

Also, Blackstone has declared a quarterly distribution of $0.23 per common unit to record holders of common units at the close of business on October 28, 2013. This distribution will be paid on November 4, 2013.

And, Baxter International ( BAX ) is down nearly 1% in pre-market after it reported Q3 earnings of $1.19 per share, ex one-time items, in line with the Capital IQ consensus.

Revenues were $3.77 billion, versus the analyst estimate of $3.81 million.

The company expects Q4 EPS of $1.24 - $1.26, versus the Street view of $1.26. It sees revenue growth of 14% - 15%, ex impact of foreign currency.

For FY13, it raises its EPS outlook to $4.65 - $4.67, in line with the consensus of $4.67. The prior guidance was for $4.60 - $4.70 EPS. It expects sales growth or about 7%, ex the impact of foreign currency.



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: BAX , BX

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