Sector Update: Financial


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 ( VNTV ) 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 purposes.

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: VNTV

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