Financial stocks were mostly lower today with the NYSE Financial
Sector Index sinking about 1.1% and the S&P Financial 100 Index
falling over 0.9%.
In company news, First Security Group, Inc. (
) was higher shortly before the closing bell Tuesday after the bank
thrift company reported a small Q2 profit, down sharply from
year-ago levels but reversing a small net loss during the prior
three-month period and beating analyst forecasts.
The company today reported net income of $613,000, or $0.01 per
share, during the three months ended June 30, down from a $21.3
million profit during the same quarter last year but turning around
a $45,000 net loss during the first three months of the year.
Analysts, on average, were looking for the bank to break even
during the quarter on a per-share basis.
Net interest income rose 37.5% year over year to $7.54
FSGI shares were up more than 2% in late trade at $1.96 apiece,
just 3 cents off their intra-day high. The stock has traded within
a 52-week range of $1.73 to $2.64 a share, declining 15.8% over the
past 12 months.
In other sector news,
(+) NRF, Announces plans to Griffin-American Healthcare REIT II
for $4 billion in stock and cash and around $600 million in assumed
debt. The portfolio consists of medical office buildings and senior
housing facilities in the U.S. and UK.
(-) AIG, Q2 after-tax operating income of $1.25 per share beats
by $0.20. Net earned premiums rose 2.2% to $8.53 bln, roughly
in-line with $8.56 bln consensus. Adds $2.0 bln to stock buy-back
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