Sector Update: Financial Stocks Follow Broader Markets Lower; Blackhawk Network Hits Record High Following Q2 Results


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Top Financial Stocks

JPM -1.53%

BAC -2.35%

WFC -1.01%

C -1.26%

USB -2.21%

Financial stocks were mostly lower today with the NYSE Financial Sector Index falling over 1.2% and the S&P Financial 100 Index also down about 1.4%.

In company news, Blackhawk Network Holdings ( HAWK ) rallied to a new, all-time high Thursday after reporting Q2 adjusted earnings that crushed analyst projections.

Net income for issuer of pre-paid debit cards was $0.17 per share, up from a $0.16 per share profit last year and easily handling Wall Street expectations looking for a $0.05 per share gain. Adjusted operating revenues rose 29% over year-ago levels to $283.9 million, beating the Capital IQ consensus by around $1.6 million.

HAWK shares were up about 6.6% at $28.42 apiece in late trade, earlier topping out at a new record of $29.33 a share. Over the past 12 months, the stock is ahead about 10.4%.

In other sector news,

(+) CBAN, Reports Q2 net income of $1.34 mln, or $0.16 per share, more than doubling its $611,000 profit during the year-ago quarter. No analyst estimates were available for comparison.

(-) FITB, Q2 net income declines 26% from year-ago levels to $439 million, or $0.49 per share but still beating analyst expectations by $0.04 per share. Revenue falls 15.9% year over year to $1.64 billion, topping Capital IQ consensus by $110 million.

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

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