Financial stocks are padding their narrow gains from earlier in
today's session with the NYSE Financial Sector Index rising 0.4%
and the S&P Financial 100 Index advancing 0.4% shortly before
the closing bell.
In company news, Wells Fargo & Co. (
) is up nearly 1% in late Wednesday trade at $42.64 and the
company's chief financial officer today saying he expects the U.S.
mortgage market to stabilize next year.
Speaking at a Bank of American Merrill Lynch investor
conference, Timothy Sloan said mortgage activity looks to improve
in 2014 as refinancing volume gives way to home purchases,
according to reports by the Wall Street Journal and other news
outlets covering the event.
WFC reported a 43% drop in mortgage banking income during Q3
compared to year-ago levels.
Sloan also said low, short-term interest rates will continue to
pressure the bank's net interest margin - a key measure of lending
profitability. But a rise in deposits could offset that pressure,
In other sector news,
(+) EARN, Reports core Q3 earnings of $0.61 per share, up from
$0.21 in the year-ago period and beating analyst expectations by
$0.09 per share. Net interest income rises 163% year over the same
quarter last year to $9.98 mln.
(-) APTS, Prices public offering of 3.87 mln shares of its
common stock at $7.75 apiece. Proceeds will be used to repay
outstanding debt under the company's existing senior secured
revolving credit facility.
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