Financial stocks were adding to narrow gains from earlier
Thursday with the NYSE Financial Sector Index rising 0.3% and the
S&P Financial 100 Index also advancing about 0.3%.
In company news, shares of payment processor Vantiv Inc (
) turned lower this afternoon, falling around 3% after the company
forecast Q1 revenue and earnings trailing analyst expectations.
The downbeat guidance trumped VNTV posting Q4 net income and
revenue that beat the Wall Street consensus, earning $0.45 per
share on a 13.9% year over year rise in quarterly revenue to $309
million. Analysts, on average, were looking for EPS of $0.44 on
$305.24 million in revenue.
VNTV is expecting revenue during the current quarter in a range
of $285 million to $291 million, lagging the Capital IQ consensus
by at least $8.43 million. The company said its projections were
based on current transaction trends and inclement weather in many
parts of the country this winter. Sales also are expected to take a
hit from the Easter holiday occuring in Q2 this year.
Q1 EPS is seen in a range of $0.36 to $0.37, or at least $0.02
under the Street view. FY14 earnings also are projected to trail
analyst estimates by at least $0.02 per share.
VNTV shares held small gains during a choppy morning session,
only to turn south by mid-day. The stock was down 3% at $29.85 a
share in recent trade, just 6 cents over its intra-day low. Shares
have a 52-week range of $20.63 to $34.42.
In other sector news,
(+) ACC, Reports Q4 funds from operations of $0.68 per share,
topping the Capital IQ consensus by $0.04 per share. Revenue rose
22.4% year over year to $182.7 million, exceeding analyst
projections by $10.3 million.
(-) CIT, Prices $1 bln offering of 3.875% senior unsecured note
due 2019. Net proceeds will be used for general corporate
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.