Sector Update: Financial

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Financial stocks are lower with the NYSE Financial Sector Index dipping 0.4% and the S&P Financial 100 Index also retreating around 0.3%.

In company news, Western Union ( WU ) is down over 13% at $16.67 a share, posting the steepest drop among all companies in the NYSE Financial Sector index after saying it no longer expects growth in operating profit due to compliance-related costs and new compliance procedures.

The financial services company late yesterday reported Q3 GAAP EPS of $0.39, beating forecasts by $0.04 per share. Revenue slipped 1.4% compared with year-ago levels but was largely in-line with the Capital IQ consensus.

It narrowed its FY13 EPS forecast, lifting the bottom end of its prior forecasts by $0.05 per share, although its new range expecting earnings of $1.38 to $1.43 per share - in-line with the Street view expecting a $1.43-per-share profit.

In other sector news,

(+) AMP, Investment manager reports Q3 net income of $1.91 per share, ex items, exceeding Capital IQ consensus by $0.19 per share. Revenue climbs 14.0% year over year to $2.81 bln, edging out estimates by about $20 mln.

(-) DLR, Falls to new 52-week after reducing its outlook for FY13 core earnings below analyst estimates. It initial forecast for FY14 FFO also lags Wall Street expectations.



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.

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This article appears in: Investing , Commodities

Referenced Stocks: WU

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