Sector Update: Financials

By Staff,

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Financial shares were mixed in Monday's pre-market trade ahead of testimony from Federal Reserve 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 Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: FMD , CNA , L

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