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Financial Sector Update for 02/16/2017: HAWK,QTWO,ASPS

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Financial stocks were narrowly lower late Thursday, falling for the first time in nearly a week as the NYSE Financial Sector Index dropped about 0.2% while financial companies in the S&P 500 Index sinking nearly 0.3%.

In company news, Blackhawk Network Holdings ( HAWK ) was falling Thursday afternoon following a downgrade of the pre-paid payments network company to Neutral from Outperform after it last night reported Q4 financial results and forecast FY17 net income trailing analyst estimates.

Excluding one-time items, the company earned $1.00 per share during the three months ended Dec. 31, lagging the Capital IQ consensus by $0.10 per share. Operating revenue rose 3% over year-ago levels to $780.6 million, also missing the $835 million consensus.

Blackhawk also is projecting non-GAAP FY17 net income of $1.56 to $1.70 per share, rising as much as 19% over the prior year but still missing the $1.89 per share analyst mean. It also sees adjusted operating revenue this year growing between 16% to 28% over FY16 levels to $1.03 billion to $1.14 billion, straddling the $1.07 billion consensus.

HAWK shares were down almost 9% at $34.00 each in recent trading, recovering from a 10.3% decline to a session low of $33.50 a share earlier today.

In other sector news,

(+) QTWO, Non-GAAP Q4 net loss of $0.03 per share beats Capital IQ consensus expecting a $0.05 per share net loss. Revenue climbs 38.8% over last year to $42.2 mln, also topping $41.2 mln consensus. Projected Q1 revenue of $44 mln to $44.6 mln edges out $43.92 mln consensus.

(-) ASPS, Adjusted Q4 EPS of $0.55 lags two-analyst estimate looking for $0.83 per share. Revenue drops 11.58% compared with year-ago period to $238.63 mln, beating the $217.10 mln two-analyst estimate.

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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