Principal Financial Group (NYSE:PFG) reported Q2 EPS of {video_description}.73, ahead of consensus estimates of {video_description}.72 per share. The company said net income available to common stockholders of {video_description}.80 per share. Operating revenues for the quarter were .15 billion. Larry D. Zimpleman, chairman, president and chief executive officer of Principal Financial Group, Inc said, “The Principal saw very positive results in the second quarter, contributing to a strong first half of 2011. We ended the quarter once again with record assets under management for the total company as well as in Principal International, and record account values in Retirement and Investor Services. Despite an economic recovery that remains fragile, we continue to see strong growth and increasing earnings from our businesses.” Principal Financial Group is currently below its 50-day moving average (MA) of .46 and below its 200-day MA of .83.
Regions Financial (NYSE:RF) is expected to receive bids Monday for its brokerage unit Morgan Keegan from firms including Blackstone (BX), Carlyle Group, and Stifel Financial. Regions Financial (NYSE:RF) has a potential upside of 14.2% based on a current price of .18 and an average consensus analyst price target of .06. Regions Financial is currently below its 50-day moving average (MA) of .37 and below its 200-day MA of .82.
Discover Financial Services (NYSE:DFS) reported Q2 EPS of .09 today, easily beating the consensus estimate for {video_description}.75 per share. Revenues for the quarter grew 4.6% year-over-year to .74 billion, in-line with the consensus estimate. David Nelms, chairman and chief executive officer of Discover said, “Our all-time record results this quarter reflect the effectiveness of the Discover business model. Sustained improvements in credit performance have driven substantial releases of credit loss reserves, a portion of which has been reinvested for growth. The benefits of these investments can be seen in both our Direct Banking and Payment Services results this quarter. Our capital levels have also benefited from this outstanding performance, leading us to our recent announcement of a billion share repurchase program. While the US economy has yet to show significant strengthening, we are confident that we can continue to achieve profitable growth in all of our lending businesses, complemented by the contribution from our payments activities.” Discover Financial Services has a potential upside of 8.4% based on a current price of .59 and an average consensus analyst price target of .56.
Stock Market and Economic forecast using common sense analysis and decision making techniques. Focus is on the US Dollar, Commodities (CRB Index), Bonds (10 Yr. Treasuries), and the Stock Market (DJIA 30). Gold, silver and oil are often discussed when relating to commodities. How to Turn 000 into Million or Collapse Trading Stocks! Stocks trading in this portfolio started out at k 1/28/10. Each week the worst stock is sold and a new stock is added. Stock performance will be compared to the buy and hold stock strategy at the end of 1 year. Stocks covered this week include: Tempur Pedic, Continental Resources, El Paso Pipeline, Endo Pharmaceuticals, and Speadtrum Communications. One stock will be sold and a new stock will be bought!
Financial shares are lower in mid-session trading while Jackson Hewitt Tax (JTX) plunged after the company cancelled its earnings conference call in light of ongoing discussions between JTX and lenders under its senior secured credit agreement. Meanwhile, Financial Institutions (FISI) shares are just higher after the company said late Wednesday it priced 2.4465 million shares at .35 each in an offering. The deal is seen closing on or about March 15.
A week ago, Canaccord Genuity downgraded Sun Life Financial from Buy to Hold. Sun Life Financial stocks closed at .32, a 5.0% loss over the course of one week. A 0.7% potential upside exists for Sun Life Financial, based on a current level of .90 and analysts’ average consensus price target of .13. The stock should discover initial support at its 50-day moving average (MA) of .56 and subsequent support at its 200-day MA of .32.
Shares of Prudential Financial (NYSE:PRU) have bullishly opened above the pivot of .26 today and have reached the first resistance level of .86. Analysts will be watching for a cross of the next upside pivot targets of .59 and .91. Prudential Financial has overhead space with shares priced .58, or 11.8% below the average consensus analyst price target of .18. Prudential Financial shares have support at the 50-day moving average (MA) of .41 and additional support at the 200-day MA of .65.
