Top Financial Stocks
Financial stocks were moderately lower, with the NYSE Financial
Sector Index slipping about 0.4% while the S&P Financial 100
Index was down about 0.4%.
In company news, Oaktree Capital Group (
) shares fell Monday after the asset manager focusing on
alternative investments was cut to Market Perform from Outperform
at Keefe, Bruyette & Woods, which also reduced its price target
for the stock by $4 to $60 a share.
The downgrade follows OAK's last week reporting its Q1 financial
results, posting per-share net income of $1.41, down from its EPS
of $1.95 during the year-ago period but still beating the Capital
IQ consensus by $0.32 per share. Revenue declined 11.1% year over
year to $527.8 million, topping analyst projections for the quarter
by $116.9 million, or nearly 28.5%.
Despite the solid Q1 earnings and revenue beats, OAK shares
finished with a 1.2% decline on Friday and was down another 0.7%
during Monday's session at $51.97 each. The stock has a 52-week
range of $48.95 to $62.30 a share, adding 4.2% in value over that
In other sector news,
(-) ARR, (-0.7%) Q1 core earnings of $0.15 per share beat the
Capital IQ consensus by $0.14 per share.
(-) JPM, (-2.4%) Norway drops the company in favor of Citigroup
to manage its $865 bln sovereign wealth fund. The bank late Friday
also warns of "challenging" trading environment, with Q2 revenue
seen declining as much as 20% from year-ago levels.
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