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Sector Update: Financial Shares Higher On Chinese Manufacturing Sector Growth

By: MT Newswires
Posted: 8/1/2013 8:33:00 AM
Referenced Stocks: ALL;CME

Top Financial Shares:

JPM: +0.84%

BAC: +1.10%

WFC: +0.80%

C: +0.86%

USB: flat

Financial shares are higher in today's pre-market session after investors found comfort in data showing that the Chinese manufacturing sector is growing. Investors are also awaiting U.S. weekly jobless claims information today. China's official manufacturing Purchasing Managers' Index surprisingly rose to 50.3 in July from 50.1 in June.

Investors yesterday welcomed positive growth numbers in the U.S. GDP, although they are still uncertain about the Fed's next move in scaling back quantitative easing.

In financial stocks news, CME Group ( CME ) reports Q2 EPS of $0.93 on revenue of $816 million, versus the analyst consensus on Cap IQ of $0.90 per share in earnings on $806 million in revenue.

And, late yesterday, The Allstate Corp. ( ALL ) reported Q2 adjusted EPS of $1.12 per share, vs. analyst estimates of $0.98 per share, and higher compared to $0.87 per share in Q2 2012.

Revenues of $8.7 billion handily beat analyst estimates of $6.8 billion, and were higher compared to revenues of $8.2 million the year prior.

Shares are up 1.6% at $51.80 in pre-market, near the stock's 52-week high of $52.45.