These Financial Giants are Making Huge Moves After Earnings
American International Group Inc (NYSE:AIG) reported its results for the third quarter. Loss widened to $4.11 billion ($2.16 per diluted share) from $2.52 billion (loss of $18.53 per share) in the same quarter a year earlier. AIG fell short of the mean analyst estimate of a loss of 8 cents per share.
“AIG continues to navigate a challenging global economic environment, and our results for the quarter were adversely affected by equity market declines, widening credit spreads, and declining interest rates, as well as property catastrophe losses,” said Robert H. Benmosche, AIG President and Chief Executive Officer. “We also took significant impairments at ILFC, reflecting management’s decision on certain aircraft that would be disposed of prior to the end of their previously estimated life in light of technological developments in the aircraft industry, fleet management announcements by certain airlines, and our newly acquired part-out company.”
Competitors to Watch: Hartford Financial Services (NYSE:HIG), HCC Insurance Hldgs., Inc. (NYSE:HCC), American Financial Group (NYSE:AFG), ACE Limited (NYSE:ACE), The Chubb Corporation (NYSE:CB), The Travelers Companies, Inc. (NYSE:TRV), White Mountains Insurance Group, Ltd. (NYSE:WTM), CNA Financial Corporation (NYSE:CNA), and Loews Corporation (NYSE:L).
NYSE Euronext (NYSE:NYX) reported its results for the third quarter. Net income for the diversified investments company rose to $200 million (76 cents per share) vs. $128 million (49 cents per share) in the same quarter a year earlier. This marks a rise of 56.3% from the year earlier quarter. Revenue rose 19.8% to $1.26 billion from the year earlier quarter. NYX reported adjusted net income of 71 cents per share. By that measure, the company beat the mean estimate of 69 cents per share. It beat the average revenue estimate of $705.8 million.
“Our strong third quarter results benefited from unseasonably strong trading volumes, as well as our continuing business diversification efforts,” said Duncan L. Niederauer, CEO, NYSE Euronext. “Non-trading related net revenue was up $30 million year-over-year, driven by growth in our technology services businesses and the increasing momentum we are experiencing in our global listings franchise.”
Competitors to Watch: IntercontinentalExchange, Inc. (NYSE:ICE), NASDAQ OMX Group, Inc. (NASDAQ:NDAQ), CME Group Inc. (NASDAQ:CME), CBOE Holdings, Inc (NASDAQ:CBOE), Deutsche Boerse AG (DB1), MarketAxess Holdings Inc. (NASDAQ:MKTX), Forestar Group Inc. (NYSE:FOR), Knight Capital Group Inc. (NYSE:KCG), and London Stock Exchange Group Plc (NYSE:LSE).