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Sector Update: Financial

Financial stocks were mixed this afternoon, with the NYSE Financial Sector Index adding about 0.1% while the S&P Financial 100 Index was down about 0.2%.

In company news, Global Payments ( GPN ) shares slid Friday after the transaction processing company reported fiscal Q3 earnings trailing year-ago levels while revenue for the period narrowly missed analyst estimates.

GPN shares were down more than 4% in recent trade at $68.72, well above their session low of $67.95 a share. The stock has a 52-week range of $43.73 to $73.84 a share, rising nearly 54% over the past 12 months.

GAAP net income attributable to the company during the three months ended Feb. 28 was $55.1 million, or $0.76 per share, down from $58.5 million in the year-ago period. Excluding non-recurring items, GPN earned $0.96 per share, beating the Street view by $0.01 per share.

Revenue rose 7% year over year to $616.5 million, coming up $2 million shy of the Capital IQ consensus.

The company said it was raising its guidance for FY14 diluted earnings to a range of $4.06 to $4.11 per share on a cash basis, in-line with estimates looking for a $4.10 per share gain during the 12 months ending in May. It also is sticking with its in-line outlook for revenue in the current fiscal year, calling for 6% to 8% growth to a range of $2.51 billion to $2.56 billion. The Street is at $2.54 billion.

GPN also expanded its authorization for share buybacks to $365 million.

In other sector news,

(+) LXP, (+0.1%) Discloses March 28 deal for a built-to-suit arrangement, constructing four buildings on a 34-acre parcel in Lake Jackson, Texas, that will be leased to Dow Chemical Co. ( DOW ) for a 20-year term beginning in October 2016.

(-) WMC, (-5.5%) Plans to offer 13 mln shares of its common stock. The company also sold another 650,000 shares in a private placement, receiving nearly $10 mln in additional proceeds with identical terms as the public offering.

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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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