Financial Sector Update for 06/20/2017: JPM, BAC, WFC, C, USB, SFUN, VNO, FRBA


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Top Financial Shares:

JPM: -0.4%

BAC: -0.4%

WFC: -0.1%

C: +0.5%

USB: flat

Financial shares were mostly lower in Tuesday's pre-market trade, weighed by lower Brent crude oil futures, which stumbled to a five-month low this morning as oversupply pressures continue to weigh on the energy complex amid production gains in Libya. Nasdaq futures, however, were set for another strong open as the technology sector lures in bargain hunters.

In financial stocks news, Fang Holdings ( SFUN ) was up 0.8% after it reported a Q1 adjusted loss per ADS of $0.02, in line with Street views as compiled by Capital IQ, and narrower than the $0.23 loss reported a year earlier. The company reported Q1 revenues of $109.8 million, below the Street view of $123.7 million, and well below the $204.6 million reported a year earlier. In outlook, the company said it was "undergoing adjustments to its transformations and is returning to open-platform strategy. Before these changes are finalized, the company will see a decrease in its top-line revenue."

In other sector news,

VNO, (flat) JV acquires 99-year leasehold of Farley Post Office Building in New York

FRBA (flat) Adds new branch to target deposit of commercial clients

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Banking and loans
Referenced Symbols: SFUN , JPM , BAC , WFC , C


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