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.
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