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COF

Sector Update: Financial

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.

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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