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BAC

Sector Update: Financial

Financial stocks are narrowly higher, with the NYSE Financial Sector Index adding just 0.2% and the S&P Financial 100 Index inching 0.1% higher.

In company news, Bank of America ( BAC ) is up 0.3% at $14.66 a share, reversing a mid-morning selloff. Chief Financial Officer spoke at the Barclays Global Financial Services Conference in New York.

Among the positive trends cited in Bruce Thompson's presentation were BAC's strong financial foundation, including the return of capital to shareholders during 2Q13.

He also touted the company's revenue diversity across five operating segments along with its recent cost-cutting efforts and its reduced interest expenses as well as its positive asset quality, helping credit quality to improve.

In other sector news,

(+) CLBH, (+0.6%) Completes repurchase of $5 mln of its cumulative perpetual preferred shares; move expected to boost per-share earnings by around 0.14 during 2014.

(-) GSVC, (-9.1%) Announces plans for $50-mln private offering of convertible senior notes due 2018, with the initial purchasers receiving options to purchase up to $7.5 mln more of the notes to cover possible overallotments.

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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