Financial stocks were mostly lower this afternoon with the NYSE
Financial Sector Index dropping 0.4% and the S&P Financial 100
Index declining 0.5%.
In company news, Investors Real Estate Trust (
) rose Thursday after the real estate investment trust reported
funds from operations and revenue during the three months ended
Jan. 31 that beat analyst expectations for the period.
IRET reported fiscal Q3 funds from operations of $0.17 per
share, up from a $0.16 profit during the same quarter last year and
topping the Capital IQ consensus by $0.01 per share. Revenue rose
7.3% year over year to $67.6 million, exceeding the Street view by
Net operating income from all of the company's properties rose
14.5% during the quarter over year-ago levels to $43.4 million.
Non-stabilized properties accounted for $2.8 million of the $5.5
million increase while stabilized properties grew by $2.6
Shares were up 0.4% at $8.56 apiece, earlier climbing to an
intra-day high of $8.66 a share. The stock has a 52-week range of
$7.97 to $10.02 a share.
In other sector news,
(-) TREE, (-2.8%) Said a federal jury ruled in favor of the
company's counterclaims alleging inequitable conduct and antitrust
violations by Zillow, (
) Adchemy and NexTag but turning down its patent-infringement
(-) FIG, (-5%) Announces plans to sell 23.2 mln shares of its
Class A stock in an underwritten offering. Insiders, including FIG
principals, also will be selling up to 9.32 mln of their FIG shares
as part of the same offering.
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