Financial stocks were ending broadly higher Wednesday with the NYSE Financial Sector Index climbing 0.5% and the S&P Financial 100 Index adding nearly 1.1%.
In company news, shares of Global Cash Access Holdings Inc. ( GCA ) were up more than 18% in late trade, giving back about one third of their earlier gains that followed the ATM operator reporting a Q1 profit that beat analyst expectations, also forecasting per-share earnings for the 12 months ending in December topping the Wall Street consensus.
The company earned $0.22 per share during the three months ended March 31, coming in $0.01 better than the Capital IQ consensus. Revenue rose 2.6% year over year to $150.6 million, edging out the analyst mean by around $480,000.
Looking forward, GCA is projecting cash EPS of $0.87 to $0.91, besting estimates by at least $0.05 per share.
GCA shares were ahead 18.5% at $7.75 apiece shortly before the closing bell. The stock earlier pushed to a session high of $8.28 a share, trading within a 52-week range of $5.71 to $10.42 a share.
In other sector news,
(+) MIG, Q1 operating earnings of $0.17 per share, ex items, top Street outlook by $0.07. Revenue falls 1.5% year over year to $188.9 mln, beating estimates by $3.9 mln. Reaffirms in-line outlook for FY14 operating EPS of $0.50 to 0.70.
(-) FNGN, Q1 EPS of $0.20 trails estimates by $0.02 per share. Revenue rises 22.3% year over year to $65.9 mln but lags Street view by $2.3 mln. Projected FY14 revenue of $276 mln to $281 mln is at least $9.1 mln below consensus.
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