Top Financial Stocks
JPM -0.13%
BAC -0.07%
WFC -1.00%
C -1.16%
USB -0.33%
Financial stocks were posting moderate declines in Monday trading, with the NYSE Financial Sector Index slipping about 0.4% and the S&P Financial 100 Index falling 0.5%.
In company news, Greenlight Capital Re Ltd. ( GLRE ) tumbled to a four-year low on Monday after the reinsurance and catastrophe insurer reported a significantly wider Q3 net loss than Wall Street was expecting.
Net loss during the three months ended September 30 was $5.98 per share, expanding on a $1.40 per share loss during the same quarter last year and trailing the Capital IQ consensus looking for a $5.66 per share loss. Fully diluted adjusted book value fell 20.1% year over year to $23.29 per share.
The company said it recorded losses with both its underwriting and investment portfolios, explaining that declining prices for three of its largest investments undermined the overall portfolio, also saying it has since added modestly to its net long exposure to take advantage of the recent market retreat.
GLRE shares were down more than 8% at $22.72 apiece, earlier falling its worst price since October 2011 at $22.00 a share.
In other sector news,
(+) TREE, (+23.3%) Q3 EPS of $0.79 beats two-analyst mean by $0.21 per share. Revenues jumps 69% over year-ago to $69.8 million, also topping the analyst consensus expecting $60.5 million.
(-) OPB, (-6.1%) Reports Q3 net income of $0.44 per share, trailing the Capital IQ consensus by $0.07 per share. Also boosts quarterly dividend by 20% to $0.12 per share, payable Nov. 19 to shareholders of record on Nov. 5.
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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.
