Sector Update: Financials

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Financial shares were mixed in pre-market trade Thursday ahead of consumer spending and jobless claims data as well as a slate of fresh earnings reports.

In financial stocks news, CME Group ( CME ) posted Q1 adjusted earnings in line with analysts' expectations while revenue came in slightly above the Street forecast as average daily volume climbed.

Net income attributable to the company rose to $266.8 million, or $0.79 per share, from $235.8 million, or $0.71 per share, a year earlier. Excluding one-time items, it earned $0.83 per share in the latest period, matching the mean estimate of analysts polled by Capital IQ.

And, Fortress Investment Group ( FIG ) reported GAAP net income of $0.01 per share, down from $0.05 per share a year prior. It reported revenue of $310 million, up from $244 million a year prior.

Pre-tax distributable earnings were $97 million, or $0.21 per dividend paying share, for the first quarter of 2014, compared to pre-tax DE of $100 million, or $0.20 per dividend paying share, for the first quarter of 2013.

Finally, Legg Mason ( LM ) reported mixed financial results for Q4, or the quarter ended March 31, 2014, that fell short of analysts' expectations, despite improving year over year for its on top and bottom lines.

The global asset management company posted Q4 net income of $68.9 million or $0.58 per share, compared with $29.2 million or $0.23 per share in the same period a year ago. Adjusted earnings were $103.5 million or $0.86 per share, compared with $66.7 million or $0.52 per share in the prior-year period. The Capital IQ analyst estimate is for $0.89 EPS.



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: CME , FIG , LM

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