Markets

Sector Update: Financial

Financial stocks are solidly higher in late afternoon trade, with the NYSE Financial Sector Index climbing 0.4% and the S&P Financial 100 Index adding about 0.5%.

In company news, Portfolio Recovery Assoc. ( PRAA ) is ahead 3.7% at $149.44 a share, climbing as high as $159.00 earlier in the session after reporting net income that beat analyst estimates by $0.31, coming in at $2.56 per share.

Quarterly revenue also topped expectations, rising 23.7% over the same quarter last year to $182.96 mln. Analysts, on average, were looking for $174.9 million in revenue.

In other sector news,

(+) GDOT, Q2 earnings of $0.33 per share beat by $0.04. Revenue rises 3.6% over last year to $142.6 mln, topping analyst consensus by $7.5 million.

(-) MIG, Posts surprise Q2 net loss of $0.19 per share, lagging Wall Street expectations for a $0.13 per share profit. Also revises its FY13 net operating income forecast, now projecting between $0.39 to $0.44 per share, trailing analyst expectations by at least $0.13 per share.

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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