Markets

Sector Update: Financial Shares Mixed in Pre-Market Trade

Top Financial Shares:

JPM: -0.13%

BAC: +0.31%

WFC: -0.16%

C: -0.25%

USB: flat

Financial shares were generally mixed ahead of data on home prices and durable goods orders Tuesday.

In financial stocks news, Scotiabank (BNS, BNS.TO) reported improved earnings and revenues for Q3 ended July 31, benefiting from the sale of a majority of its investment in CI Financial. The Canadian Banking,

International Banking, Global Wealth & Insurance, and Global Banking & Markets segments have all reported profits during the quarter.

The Canadian bank said net income was C$2.35 billion, or C$1.85 per diluted share, up from C$1.75 billion, or C$1.36 per diluted share, last year. Excluding a net benefit of C$555 million, or C$0.45 per share, related to a gain on the sale of a majority of the bank's investment in CI Financial, diluted EPS was C$1.40, a year-over-year increase of 9%.

And, BMO (BMO, BMO.TO) grew its adjusted net income for Q3 2014 by 4% compared to last year, driven by continued momentum in the Personal and Commercial Banking in Canada and in BMO Capital Markets. Improved results from U.S. P&C and from Wealth Management also contributed to the increase.

On an adjusted basis, net income rose to C$1.16 billion, or C$1.73 per share, from C$1.10 billion, or C$1.63 per share, a year earlier, largely ahead of the Capital IQ consensus of C$1.66.

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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