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Financial Stocks Adding to Early Losses; First Commonwealth Hits 4-Year High After Q3 EPS Beat

Posted
10/23/2013 1:59:00 PM
By: MT Newswires
Referenced Stocks:ARCP;FCF

Top Financial Stocks

JPM -1.44%

BAC -1.79%

WFC -0.28%

C -1.20%

USB -0.30%

Financial stocks are sharply lower, with the NYSE Financial Sector Index sinking 1.0% while the S&P Financial 100 Index is down about 0.9%.

In company news, First Commonwealth Financial ( FCF ) is higher, with shares climbing to their best price since March 2009 after reporting Q3 net income of $0.16 per share, up from a $0.09 profit in the year-ago quarter and beating the Capital IQ consensus by $0.05 per share.

The bank company attributed the improved net income to higher net interest income, lower provision for loan losses and noninterest expense, partially offset by lower noninterest income.

Shares are up nearly 3% at $8.37 apiece after earlier reaching a new 52-week high of $8.53 a share.

In other sector news,

(+) COLE, (+8.5%) Agrees to $11.2-bln buyout from American Realty Capital Properties ( ARCP ), creating the largest net lease REIT with an enterprise value of $21.5 billion. ARCP shares have turned negative this afternoon, falling 2% to $13.09 each.

(+) MKTX, (+0.7%) Q3 earnings of $0.48 per share beat the analyst consensus by $0.05. Revenue rose 31.7% year over year to $61.1 mln, trailing expectations by around $1.9 mln.