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AXP

Sector Update: Financial

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Financial stocks were mixed Thursday afternoon, with the NYSE Financial Sector Index slipping about 0.3% and the S&P Financial 100 Index climbing about 0.3%.

In company news, American Express Co. ( AXP ) was falling after the credit-card issuer reported Q3 revenue that narrowly missed Wall Street estimates while per-share earnings topped the Street view by a considerable margin.

AXP shares were down about 0.4% at $80.59 each this afternoon, earlier sinking to a session low of $78.81 a share. The stock has traded within a 52-week range of $77.80 to $96.24 a share, advancing about 6% over the past 12 months through Wednesday's close.

Revenue net of interest expense for the quarter was nearly unchanged over year-ago levels at $8.33 billion, narrowly missing the Capital IQ consensus by around $20 million.

The company earned $1.5 billion, or $1.40 per share, up 8% from a $1.4 billion profit last year and beating the Street view by $0.04 per share.

Also, AXP was raised to Neutral from Underweight in an upgrade today at JPMorgan following its positive quarterly results.

In other sector news,

(+) MAIN, (+6.5%) Exits Spectrio investment, generating a $3.9 mln realized gain from the redemption of a Spectrio warrant as well as producing an internal rate of return of 16.3%.

(-) DB, (-2.4%) Selected as depositary bank for the non-capital raising sponsored Level I American Depositary Receipt program of New Zealand-based Auckland International Airport.

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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