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Sector Update: Financial Stocks Trimming Earlier Losses; Xinyuan Real Estate Falls After Q2 EPS Drops 84%

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Financial stocks were paring some of their earlier losses this afternoon with the NYSE Financial Sector Index falling about 0.4% and the S&P Financial 100 Index declining about 0.5%.

In company news, Xinyuan Real Estate Co ( XIN ) declined Friday after reporting lower Q2 revenue and net income compared with year-ago levels.

The company earned $0.08 per share during the three months ended June 30, down from $0.54 per share. Quarterly sales slid 16% year over year to $166.8 million., down 16% from a year ago.

For the current quarter, it expects sales revenue and profit recognition for the full year to be back-end loaded. Sales should be in a range of $220 to $230 million with net income seen reaching between $7 million to $9 million.

XIN shares were down nearly 12% at $3.59 apiece, holding just 8 cents over its new 52-week low set earlier today.

In other sector news,

(+) MBI, Receives upgrade to Buy from Neutral at BTIG Research.

(-) FSC, Expands syndicated bank credit facility led by ING Capital by $10 mln to $680 mln and keeping the Aug. 6, 2018 final maturity date of the facility.

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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