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Sector Update: Financial Still Drifting Lower Late; TCF Financial Gaining After Topping Street View with Q2 Earnings

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JPM -0.30%

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USB +0.06%

Financial stocks were declining in afternoon trade with the NYSE Financial Sector Index falling 0.4% and the S&P Financial 100 Index retreating 0.6%.

In company news, TCF Financial ( TCB ) was narrowly higher in late Friday trade after the bank holding company this morning posted Q2 net income beating analyst forecasts while recording revenue in-line with the Wall Street consensus.

The bank earned $0.29 per share during the three months ended June 30, $0.02 better than the Capital IQ consensus. Revenues climbed 2.5% over the same quarter last year to $309.4 million, matching the Street view.

TCB shares recently were up about 1.2% at $16.41 apiece, earlier climbing to a session high of $16.90 a share. The stock has a 52-week range of $13.69 to $17.39 per share, rising about 2.4% in value over the past 12 months.

In other sector news,

(+) CYN, Earns $1.11 per share during Q2, beating consensus view by $0.14.

(-) EPR, Q2 revenue rises 11.1% year over year to $91.8 mln but trails Street view by $990,000. Adjusted funds from operations of $0.97 per share match estimates. Confirms FY14 adjusted FFO of $4.00 to $4.10, in-line with $4.07 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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