Sector Update: Financial

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Financial stocks were mostly lower today with the NYSE Financial Sector Index falling over 1.2% and the S&P Financial 100 Index also down about 1.4%.

In company news, Blackhawk Network Holdings ( HAWK ) rallied to a new, all-time high Thursday after reporting Q2 adjusted earnings that crushed analyst projections.

Net income for issuer of pre-paid debit cards was $0.17 per share, up from a $0.16 per share profit last year and easily handling Wall Street expectations looking for a $0.05 per share gain. Adjusted operating revenues rose 29% over year-ago levels to $283.9 million, beating the Capital IQ consensus by around $1.6 million.


HAWK shares were up about 6.4% at $28.35 apiece in late trade, earlier topping out at a new record of $29.33 a share. Over the past 12 months, the stock is ahead about 10.4%.

In other sector news,

(+) CBAN, Reports Q2 net income of $1.34 mln, or $0.16 per share, more than doubling its $611,000 profit during the year-ago quarter. No analyst estimates were available for comparison.

(-) FITB, Q2 net income declines 26% from year-ago levels to $439 million, or $0.49 per share but still beating analyst expectations by $0.04 per share. Revenue falls 15.9% year over year to $1.64 billion, topping Capital IQ consensus by $110 million.



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.

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This article appears in: Investing , Commodities

Referenced Stocks: HAWK

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