NEW YORK (
(BBT - Get Report)
was the loser among the largest U.S. financial companies on Thursday, with shares sliding 7% to close at $29.98.
Dow Jones Industrial Average
saw slight declines, while the
index was down over 1%, after
(GOOG - Get Report)
mistime its earnings release
for the third-quarter.
With the press release appearing unfinished, with a note at the top reading "PENDING LARRY QUOTE," for CEO Lawrence Page, Google reported
of $3.01 billion, or $9.03 a share (on a non-GAAP basis, excluding stock-based compensation expenses and merger expenses from the Motorola acquisition), missing the consensus estimate of a profit of $10.65, among analysts polled by Thomson Reuters.
The Internet search giant's non-GAAP EPS declined from $3.35 billion, or $10.12 a share, in the second quarter, and $3.18 billion, or $9.72 a share, during the third quarter of 2011.
Google's shares declined 9% to $687.30, when trading was halted. PiperJaffray analyst Gene Munster -- who rates Google "Overweight," with a price target of $834 -- said that "the miss appears to be on the core search side as Google sites revenue was up 2.5% q/q after being up an average of 8% q/q the past two years," and that "in the short term (through December), we now believe shares may be more range-bound between $650 and $700 while investors wait to see improvement in Q4."
for coverage of Google's earnings conference call, scheduled for 4:30PM EST.
Getting back to the financials, the
KBW Bank Index
was down 0.5% to close at 50.79, with 13 of the 24 index components showing gains.
BB&T of Winston-Salem, N.C., reported third-quarter net income available to common shareholders of $469 million, or 66 cents a share, declining from $510 million, or 72 cents, in the second quarter, and $366 million, or 52 cents a share, during the third quarter of 2011.
The company said that the third-quarter results were reduced by merger-related charges associated with the acquisition of BankAtlantic totaling $43 million pretax, or $0.04 per diluted common share."
Following the trend for several of the large regional banks as the refinancing wave continues, BB&T's third-quarter mortgage revenue increased to $211 million, from $182 million the previous quarter, and $123 million a year earlier. However, the sequential increase in mortgage income was more than offset by a decline in insurance income, to $333 million, from $393 million in the second quarter. During the third quarter of 2011, insurance income totaled $241 million.