Financial stocks were rising sharply Friday, with the NYSE Financial Sector Index adding nearly 1.5% and the S&P Financial 100 Index growing 1.2%.
In company news, Capital One ( COF ) was lower Friday after the bank and credit-card issuer reported lower Q3 net income compared with year-ago levels, also trailing analyst estimates.
The company earned $1.1 billion, or $1.86 per share, down from a $1.2 billion gain during the same quarter last year and missing the Capital IQ consensus by $0.09 per share.
Revenues fell 0.2% year over year to $5.64 billion, beating the Street view by around $70 million. Provision for credit losses increased by 41% to $993 million.
COF shares were down more than 3% at $75.92 apiece, rebounding from an earlier drop to $75.50 a share. The stock has traded within a 52-week range of $67.86 to $85.39 a share, rising almost 9% over the past 12 months through Thursday's close.
In other sector news,
(+) STI, (+2.3%) Q3 adjusted EPS of $0.81 beats Street view by $0.02 per share. Revenue rises 5.8% year over year to $2.03 bln, trailing consensus by $50 mln.
(-) COBZ, (-1.8%) Q3 net income of $0.19 per share matches Capital IQ consensus.
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