Sector Update: Financial Shares Lower As Investors Mull Near-Term Tapering


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Top Financial Shares:

JPM: -0.16%

BAC: -1.09%

WFC: -0.93%

C: -0.54%

USB: flat

Financial shares are lower in today's pre-market session as investors await more information from the Federal Reserve regarding the timing of the tapering of its bond-buying program. Yesterday's comments from the Chicago Fed president indicated tapering would begin before the end of the year.

In financial stocks news, The Carlyle Group ( CG ) said its distributable Q2 earnings net of taxes was $0.53 per unit outstanding compared to the $0.56 average analyst estimate. The group raised $6.9 billion in new capital in the quarter.

And, Marsh & McLennan Companies ( MMC ) reported Q2 earnings of $0.72 per share, versus the Capital IQ consensus of $0.67. Revenues were $3.09 billion, versus the analyst estimate of $3.13 billion.

In the same period last year, the company reported EPS of $0.61 on revenues of $3.026 billion. MMC is flat at $42.01 in pre-market trade.

And, Argo Group International ( AGII ) late yesterday reported Q2 operating EPS of $0.74, versus the Capital IQ consensus estimate of $0.71, if comparable. Revenues of $364 million missed the consensus of $365.68 million.

This compares to EPS of $0.50 on revenues of $318 million in the comparable quarter a year ago. AGII also said its board of directors has declared a quarterly cash dividend of $0.15 per share on the company's common stock. The dividend will be paid on September 16, 2013, to shareholders of record on September 2, 2013.

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

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This article appears in: Investing , Commodities
More Headlines for: AGII , CG , MMC

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