Sector Update: Financial

By Staff,

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Financial stocks were sliding Friday with the NYSE Financial Sector Index falling nearly 0.9% and the S&P Financial 100 Index sinking around 1.0% in recent trade.

In company news, Reinsurance Group of America ( RGA ) were ending about 2% higher Friday after the life and health insurance company reported Q4 earnings today beating Wall Street expectations.

Per-share earnings for the December quarter were $2.03, topping the Capital IQ consensus by $0.06 per share. Total revenue rose 1.5% year over year to $2.74 billion, roughly in-line with forecasts looking for $2.73 billion in revenue during the quarter. Total premium of $2.2 billion rose 1.5% year over year.

Shares were up 2.2% at $75.22 apiece shortly before the closing bell Friday, earlier advancing to an intra-day high of $75.89 a share. The stock has a 52-week range of $56.66 to $77.58 a share.

In other sector news,

(+) FNF, Announces plans to create a tracking stock for its portfolio investments. Shares of the new subsidiary - Fidelity National Financial Ventures - will be distributed to shareholders at later date.

(-) DLLR, Reports Q2 net income of $0.04 per share, ex items, trailing analyst forecasts by $0.16. Revenue falls 10.4% year over year to $262.3 mln, missing Street view by $10.7 mln. Reduces outlook for FY14 adjusted EBITDA by 15% to new range of $170 mln to $200 mln, citing declines in gold prices and Canadian dollar.

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: RGA

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