Top Financial Stocks
Financial stocks were broadly higher in late trade, recovering from a mid-day slump, with the NYSE Financial Sector Index rising nearly 1.2% and the S&P Financial 100 Index climbing almost 1.1%.
In company news, shares of USA Technologies ( USAT ) slumped Wednesday after the electronic payments company late yesterday said it was delaying filing its 2015 annual report after identifying "deficiencies in both the design and operating effectiveness" of its internal controls for financial reporting.
In a regulatory filing, the company said the most serious problem with its current accounting method is its treatment of "certain customer accounts and receivable balances related to customer processing and service fees." It also said it expects to take a $270,000 after-tax charge against FY15 earnings after increasing its bad-debt reserve by around $450,000.
USAT shares were down almost 9% at $2.53 each, earlier sinking to a session low of $2.13 a share.
In other sector news,
(+) BKCC, DA Davidson begins analyst coverage with Buy recommendation and a $64 price target.
(-) TBBK, Updates Q2 market call, saying total loans in its continuing operations up 31% to $1.25 bln, but adding loan growth is affecting earnings. Expects pre-tax earnings of $16.7 mln after fees tied to BSA and restatement.
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