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Financial stocks were getting beaten down Thursday, with the NYSE Financial Sector Index falling over 0.8% while financial companies in the S&P 500 Index was sinking more than 1.8%.
In company news, credit card issuer Mastercard ( MA ) rose to a new record high on Thursday after today raising its forecasts for FY17 revenue over its prior guidance.
The company is now expecting revenue during the 12 months ending Dec. 31 to grow at the "high end of low double (percentage) digits" compared with its previous outlook modeling an increase this year in the "low double digits." Analysts, on average, are looking for Mastercard revenue rising 13.5% over FY16 levels to $12.23 billion, according to Capital IQ.
Mastercard is also projecting a compound annual growth rate for revenue in "the high end of low double digits" between 2016 to 2018, up from "low double digits" in its previous guidance. It sees the compound annual growth rate for per-share earnings rising "approximately 20%" compared with the company's prior forecast expecting CAGR EPS growth in the "mid teens" percentage range.
In other sector news,
(+) GWRE, (+9.7%) Fiscal Q4 EPS of $0.59 tops $0.39 per share profit last year and beating the Capital IQ consensus by $0.20 per share. Revenue rises to $181.1 mln, also exceeding the $168.6 mln consensus. Guides Q1 earnings, revenue below Street views. Sees FY18 profit in-line with the analyst mean.
(-) BCRH, (-12.3%) Estimates a Florida hurricane would likely have a $55 mln net impact on the company, equal to about 30% of its shareholders equity, according to a new investor presentation. Florida also generated $6.1 mln, or 21%, of its premiums during first six months of 2017.
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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.
