Sector Update: Financial Shares Lower on Growing Concerns Over Tapering Timing


Top Financial Shares:

JPM: -0.16%

BAC: -1.09%

WFC: -0.93%

C: -0.54%

USB: flat

Financial shares are lower for the third consecutive session as investors are concerned over the timing of the tapering of its $85 billion-per-month bond-buying program. Yesterday's comments from the Chicago Fed president indicated tapering would begin before the end of the year. More Fed executives are speaking today on the topic.

In financial stocks news, Forestar Group ( FOR ) is down 3.2% at $20.97 as it reported Q2 EPS was unchanged at $0.02 and revenue rose to $41.2 million from $26.6 million a year ago, below the Street view. Analysts had been looking for EPS of $0.04 on revenue of $47.4 million.

The Carlyle Group ( CG ) is down 2.2% at $27.68 after it 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, Argo Group International ( AGII ) is down 5.0% at $43.69 after it 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 The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: AGII , CG , FOR

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