Sector Update: Financials Mixed Pre-Market; Loews Widens Net Loss From Year Prior

By
A A A

Top Financial Shares:

JPM: +0.34%

BAC: -0.18%

WFC: -0.11%

C: +0.10%

USB: flat

Financial shares were mixed in Monday's pre-market trade ahead of testimony from Federal Chairwoman Janet Yellen.

In financial stocks news, The First Marblehead ( FMD ) reported a Q2 net loss of $7.6 million, or $0.68 per share, compared to a net loss of $12.3 million, or $1.17 per share, for Q2 2013, a 38% improvement.

Revenues for Q2 of fiscal 2014 increased $1.0 million, or 9%, to $12.2 million. Analyst estimates were not available.

And, insurance holding company CNA Financial Corporation ( CNA ) reported net operating income for Q4 2013 was $0.79 versus a diluted EPS of $(0.03) in the same period last year. Net income for Q4 was $0.82 per share. According to Capital IQ, Wall Street was expecting diluted EPS of $0.87.

Finally, Loews Corporation ( L ) widened its Q4 loss versus the comparable period last year due to several charges recorded in the quarter, despite a year-over-year increase in revenues.

Loews reported a Q4 loss of $0.51 per share, compared with the prior-year period's $0.08 loss per share. Results include impairment charges of $398 million, primarily related to low market prices for natural gas and natural gas liquids, as well as a ceiling test impairment charge of $186 million related to the carrying value of its natural gas and oil properties.



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 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: FMD , CNA , L

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Stocks

Referenced

0%
100%
100%

Most Active by Volume

48,099,947
  • $16.09 ▲ 0.50%
40,277,806
  • $102.50 ▲ 0.24%
40,236,499
  • $19.57 ▲ 2.35%
31,092,510
  • $49.75 ▲ 0.65%
30,795,218
  • $34.92 ▲ 0.78%
29,910,855
  • $3.63 ▲ 0.83%
24,019,154
  • $13.06 ▼ 0.38%
23,753,906
  • $74.82 ▲ 1.31%
As of 8/29/2014, 04:04 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com