Top Financial Stocks
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.
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