Sector Update: Financial


Financial stocks were narrowly lower early Tuesday afternoon with the NYSE Financial Sector Index sinking about 0.1% and the S&P Financial 100 Index also falling 0.1%.

In company news, Greenhill & Co. Inc. ( GHL ) was enjoying one of its best days as a publicly traded company in more than two years after the investment bank reported Q2 per-share earnings and revenue that exceeded analyst opinion despite steep drops compared with year-ago levels.

Profit during the three months ended June 30 fell 48% from the same quarter last year to $8.1 million, or $0.27 per share, beating the Capital IQ consensus by by $0.04 per share.

Revenue declined 27% year over year to $63 million, topping estimates by around $7.2 million.

"The first half was relatively quiet for us in terms of transaction completions," CEO Scott Bok said in prepared remarks. "But particularly toward the end of the quarter, we saw the beginning of the upturn in significant deal announcements we had been expecting."

GHL shares were up nearly 7% at $48.19 each, climbing as much as much as 13% to a session high of $51.00 a share earlier in the session, its best advance in around 30 months. The stock has traded within a 52-week range of $43.36 to $60.98 per share, rising about 2% over the past 12 months.

In other sector news,

(+) APTS, (+0.8%) Announces deal to acquire 1,397 multifamily housing units, including 364 units in Kansas City, Kan.; 300 units in Dallas, Texas; 364 units in Nashville, Tenn.; and 369 units in Houston, Texas, for a combined $181.7 mln.

(-) BDN, (-1.3%) Prices upsized public offering of 19 mln shares of its common stock - 1 mln share more than initially planned - at $15.60 per share, a 3.1% discount to Monday's closing price. The deal generated 4296.4 mln in gross proceeds.

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 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: GHL

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