Sector Update: Financial


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.

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: GCA

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