Sector Update: Financial

By Staff,

Shutterstock photo

Financial shares are flat to lower in today's pre-market session as earnings season tapers off and after investors step back from last week's rush of economic news, from jobs reports to the quarterly GDP.

In financial stocks news, HSBC ( HBC ) shares are down 5% in pre-market trade as it says net profit for the first half was $10.28 billion, compared with $8.44 billion in the first half of 2012. Revenue fell 7% to $34.4 billion.

And, Fifth Third Bancorp ( FITB ) is flat pre-market after it said late Friday that it expects to recognize a $55 million after-tax gain during its Q3 ending next month after selling a portion of its stake in Vantiv Inc. ( VNTV ) in a secondary offering of stock.

FITB sold 5 million shares in the offering, reducing its overall VNTV stake by about 9%. The bank will continue to own around 48.8 million Class B units of Vantiv Holding LLC, which can be exchanged for Class A VNTV shares on a one-for-one basis. The carrying value of FITB's investment in Vantiv Holding LLC was $448 million on June 30.

VNTV shares are steady at $27.40.

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: FITB , HBC , VNTV

More from MT Newswires


MT Newswires

MT Newswires

Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by