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Financial Sector Update for 02/15/2017: LC,FIG,AIG

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Financial stocks have given up their markets lead but remain broadly higher Tuesday, with the NYSE Financial Sector Index today adding around 0.8% in value this afternoon while financial companies in the S&P 500 Index also were holding on to a 0.8% advance.

In company news, LendingClub ( LC ) shares were ending lower Wednesday after the specialty lender last night forecast revenue for the current quarter trailing analyst projections, brushing aside better-than-expected Q4 financial results.

For the three months ending next month, the company is expecting revenue in a range of $117 million to $122 million, lagging the $131.63 million Capital IQ consensus. It sees FY17 revenue in a range of $565 million to $595 million, straddling the $594.81 million consensus.

LendingClub last night also reported an adjusted Q4 per-share earnings of $0.02, a penny narrowed than the analyst mean. Revenue fell 3.9% compared with the same quarter last year to $130.5 million but still topped the Street view looking for $121.2 million in revenue during the three months ended Dec. 31.

LC shares were down over 4% at $6.32 each in late trade, or just a penny under their session high after recovering from a prior retreat to $6.01 a share.

In other sector news,

(+) FIG, SoftBank confirms $3.3 bln takeover proposal, agreeing to swap $8.08 in cash for each FIG share, a 38.6% premium over Monday's closing price. FIG shareholders also will likely receive two dividend payments of up to $0.09 per share before deal closes.

(-) AIG, Q4 net loss from continuing operations widens to $2.93 per share, almost doubling its $1.50 per share loss in the year-ago period. Board approves $3.5 bln stock buyback program and declares $0.32 per share dividend, payable March 29 to shareholders of record on March 15.

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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