Financial stocks were mostly lower this afternoon, with the NYSE Financial Sector Index sinking 0.6% and the S&P Financial 100 Index falling 0.7%.
In company news, H&R Block ( HRB ) shares raced to a new, all-time high Wednesday after the tax-preparation company reported fiscal Q4 earnings and revenue that beat Wall Street expectations.
Net income during the three months ended April 30 rose to $910 million, or $3.31 per share, up from a $664.3 million profit during the same quarter last year. Excluding discontinued operations, it earned $3.36 per share, topping topped analysts' estimates by $0.13 per share.
Total revenue climbed 16.4% year over year to $2.56 billion, edging out the Capital IQ consensus for the quarter by around $50 million.
The company prepared and processed about 24.2 million tax returns during its latest fiscal year, down 2.6% from the prior year after it decided to discontinue some of promotions in most markets.
HRB shares recently were up about 3.5% at $31.79 each in afternoon trade, earlier reaching a record high of $32.50 a share soon after the opening bell this morning. Over the past 12 months, the stock has risen about 9.4%.
In other sector news,
(+) PSEC, (+5.0%) Said the Division of Investment Management and the SEC Office of the Chief Accountant will not require the company to restate prior-period financial statements to consolidate some of its holding company subsidiaries.
(-) BAC, (-1.7%) Reportedly reaches an impasse with the Justice Department in their talks for a multbillion-dollar settlement linked to the bank's mortgage investments, according to the New York Times, citing people briefed on the matter.
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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.
