Top Financial Stocks
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.
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