Markets

Financial Sector Update for 01/25/2017: CFNL,MKTX,NEWT

Top Financial Stocks

JPM +1.37%

BAC +1.72%

WFC +3.39%

C +1.52%

USB +1.29%

Financial stocks raced to big gains Wednesday after the Dow Jones Industrial Average finally moved past its 20,000-point threshold this morning and the NYSE Financial Sector index climbed over 1.2% today while financial companies in the S&P 500 Index were posting a 1.5% increase.

In company news, Cardinal Financial Corp ( CFNL ) was higher in late trading Wednesday after the bank holding company this afternoon reported improved non-GAAP Q4 net income compared with year-ago levels, also beating analyst estimates.

Excluding one-time items during the three months ended Dec. 31, Cardinal earned $0.37 per share, up from a $0.27-per-share adjusted profit during the same quarter last year and just beating the Capital IQ consensus call by $0.01 per share. Revenue rose 4% over last year to $41.2 million, trailing the Street view by around $7.8 million.

CFNL shares were up almost 2% this afternoon at $31.45 apiece, slipping from an earlier session high of $31.69 a share prior to the mid-day earnings announcement.

In other sector news,

(+) MKTX, Q4 EPS of $0.88 beat Capital IQ consensus by $0.04 per share. Revenue rises 23.2% to $94.44 mln, also exceeding $93.74 mln consensus. Increases dividend by 27% over prior distribution to $0.33 per share.

(-) NEWT, Prices upsized $35.1 mln public offering of 2.3 mln shares (up from an initial 1.5 mln shares) at $15.25 apiece, a 6.2% discount to Tuesday's closing price.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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