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Sector Update: Financial

Posted
1/31/2014 3:51:00 PM
By: MT Newswires
Referenced Stocks:RGA

Financial stocks were sliding Friday with the NYSE Financial Sector Index falling nearly 0.9% and the S&P Financial 100 Index sinking around 1.0% in recent trade.

In company news, Reinsurance Group of America ( RGA ) were ending about 2% higher Friday after the life and health insurance company reported Q4 earnings today beating Wall Street expectations.

Per-share earnings for the December quarter were $2.03, topping the Capital IQ consensus by $0.06 per share. Total revenue rose 1.5% year over year to $2.74 billion, roughly in-line with forecasts looking for $2.73 billion in revenue during the quarter. Total premium of $2.2 billion rose 1.5% year over year.

Shares were up 2.2% at $75.22 apiece shortly before the closing bell Friday, earlier advancing to an intra-day high of $75.89 a share. The stock has a 52-week range of $56.66 to $77.58 a share.

In other sector news,

(+) FNF, Announces plans to create a tracking stock for its portfolio investments. Shares of the new subsidiary - Fidelity National Financial Ventures - will be distributed to shareholders at later date.

(-) DLLR, Reports Q2 net income of $0.04 per share, ex items, trailing analyst forecasts by $0.16. Revenue falls 10.4% year over year to $262.3 mln, missing Street view by $10.7 mln. Reduces outlook for FY14 adjusted EBITDA by 15% to new range of $170 mln to $200 mln, citing declines in gold prices and Canadian dollar.