Sector Update: Financial

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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 ( RGA ) were down about 4% shortly before the closing bell, sliding Friday despite posting Q1 earnings and revenue topping analyst expectations.

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 months.

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.



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.

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


This article appears in: Investing , Commodities

Referenced Stocks: RGA

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