Markets

Sector Update: Financial

Financial stocks were slightly lower in late trade with the NYSE Financial Sector Index sinking 0.2% and the S&P Financial 100 Index down about 0.1%.

In company news, Planet Payment Inc. ( PLPM ) was up more than 15% shortly before the closing bell after the payment-processing company late Monday forecast per-share earnings for the fiscal year ending in December topping Wall Street expectations by a wide margin.

The company said it expects diluted earnings of $0.06 to $0.10 per share, beating the Capital IQ consensus looking for a break-even FY14 on a per-share basis. Net income is projected in the range of $4.1 million to $6.4 million, PLPM said.

The better-than-expected earnings outlook upstaged an earnings miss during the three months ended March 31. Q1 net loss was $800,000, or $0.01 per share, reversing a $400,000 profit in the year-ago period and trailing analyst projections looking for a $0.02 per share quarterly gain.

Revenue declined 7.4% year over year to $11.2 million, matching analyst estimates.

PLPM shares were up 15.1% at $2.50 per share, just 2 cents off its intra-day high. The stock has a 52-week range of $1.87 to $4.03 a share, falling 11.7% over the past 12 months.

In other sector news,

(+) OCN, Late Monday completes $350 mln private placement of 6.625% senior notes due 2019. The company received about $343.6 mln in net proceeds, which it expects to use for general corporate purposes.

(-) MBI, Q1 net premiums earned decline 26.7% to $88 mln, trailing estimates by $5.45 mln. Posts net income of $256 mln, or $1.32 per share, up from $164 mln in the year-ago period and beating consensus estimates looking for a $0.06 gain.

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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