Updated from 12:15 p.m. EDT
Financial stocks underperformed the
Friday as credit card companies traded lower.
The Financial Select Sector SPDR, which tracks the financial stocks in the
, and the KBW Bank Index fell 0.9% and 2%, respectively.
shares lose 5.8% to $172.90 after the company reported first-quarter earnings. Profit fell 18%, which was actually better than expected, but the company said revenue growth for 2009 will fall short of its goals.
Fellow card company
declined 3.7% to $24.29.
Taking a look at the banks,
Bank of America
shares fell 2.6% to $8.70,
lost 1.6% to $3, and
JP Morgan Chase
shed 1.6% to $32.49.
Meanwhile, the U.S. government opted to delay the public release of the results of the so-called
, originally slated for Monday. The
is postponing the information until Thursday, May 7, while executives debate preliminary findings with examiners. Citi and BofA were reportedly already told by the U.S. government that they were light on capital.
Citi said Friday that it reached an agreement to sell its Japanese securities business Nikko Cordial to Sumitomo Mitsui for about 545 billion yen, or $5.6 billion.
Also, Japan's biggest bank,
Mitsubishi UFJ Financial
, said it now expects a fiscal-year loss of 260 billion yen, or $2.62 billion, vs. a previous forecast of a profit of 50 billion yen. Shares added 0.4% to $5.44.