Sector Update: Financial


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Financial stocks are slightly lower in late day trade with the NYSE Financial Sector Index slipping 0.2% and the S&P Financial 100 Index falling 0.4%.

In company news, American River Bankshares ( AMRB ) shares were lower in late trade, slipping 0.3% to $9.96 apiece after briefly pushing to a small gain earlier this afternoon after announcing a new stock buyback program to repurchase up to 5% of its shares during 2014.

The new stock buyback program - if fully implemented - would reduce AMRB's outstanding shares by nearly 424,500 shares and is slated to begin after the bank releases financial results for Q4 ended Dec. 31, 2013.

In other sector news,

(+) MS, Reports non-GAAP Q4 earnings of $0.50 per share, ex items, beating consensus view by $0.08. Revenue rises 12.4% over year-ago levels to $7.83 bln, lagging estimates by around $160 mln.

(-) COF, Earns $1.45 per share in Q4, missing forecasts by $0.12. Revenue falls 1.4% compared to the same quarter last year to $5.54 bln, topping Capital IQ consensus by around $60 mln.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: AMRB

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