Financial stocks were extending their losses in late trade with
the NYSE Financial Sector Index sinking over 1.0% and the S&P
Financial 100 Index declining 0.7%.
In company news, shares of the Reinsurance Group of America (
) were down about 4% shortly before the closing bell, sliding
Friday despite posting Q1 earnings and revenue topping analyst
The company reported net earnings of $1.92 per share, beating
the the Capital IQ consensus by $0.19 per share. Revenue rose 2.2%
year over year to $2.66 billion, exceeding estimates by around $100
million. Investment income decreased 5% to $404.4 million, largely
due to a $20.7 million reduction in the fair value of options
contracts underlying equity-indexed annuities.
RGA slid to a low of $75.04 a share, down about 5.2%, current
off about 4% at $76.01 a share. The stock has a 52-week range of
$60.78 to $81.28 a share, posting a 27.4% gain over the past 12
In other sector news,
(+) PFG, Adjusted Q1 EPS of $1.06 beats by $0.14. Revenue climbs
11.7% over same quarter last year to $2.5 bln, exceeding Capital IQ
consensus by around $80 mln.
(-) V, Guides FY14 revenue to low end of prior outlook expecting
10% to 11% growth; Street is looking for 9.8% growth. Fiscal Q2 EPS
of $2.52 beats by $0.34. Revenue rises 6.9% to $3.16 bln, lagging
analyst estimates by $30 mln.
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