Top Financial Shares:
Financial shares are flat to lower in today's pre-market session
as earnings season tapers off and after investors step back from
last week's rush of economic news, from jobs reports to the
In financial stocks news, HSBC (
) shares are down 5% in pre-market trade as it says net profit for
the first half was $10.28 billion, compared with $8.44 billion in
the first half of 2012. Revenue fell 7% to $34.4 billion.
And, Fifth Third Bancorp (
) is flat pre-market after it said late Friday that it expects to
recognize a $55 million after-tax gain during its Q3 ending next
month after selling a portion of its stake in Vantiv Inc. (
) in a secondary offering of stock.
FITB sold 5 million shares in the offering, reducing its overall
VNTV stake by about 9%. The bank will continue to own around 48.8
million Class B units of Vantiv Holding LLC, which can be exchanged
for Class A VNTV shares on a one-for-one basis. The carrying value
of FITB's investment in Vantiv Holding LLC was $448 million on June
VNTV shares are steady at $27.40.
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