Consumer Sector Update for 07/18/2019: AMK,ALLY,EWBC,MTB

Shutterstock photo

Top Financial Stocks

JPM +0.38%

BAC +0.55%

WFC +1.48%

C +1.28%

USB +1.71%

Financial stocks still were adding to their mid-day advance in late-afternoon trade, with the NYSE Financial Index climbing almost 0.6% while shares of financial companies in the S&P 500 also were up nearly 0.7%. The Philadelphia Housing Index was slipping about 0.3%.

Among financial stocks moving on news:

(+) AssetMark Financial Holdings ( AMK ) was more than 19% higher after the wealth management firm priced its initial public offering of 6.25 million shares at $22 apiece, topping its expected $19 to $21 range and generating $137.5 million in gross proceeds. The stock opened Thursday with a 15.7% gain at $25.45 a share and so far has topped out at $26.59 a share, marking a nearly 21% first-day advance.

In other sector news:

(+) Ally Financial ( ALLY ) rose 6% after the auto and mortgage lender reported non-GAAP Q2 net income of $0.97 per share, improving on a $0.83 per share adjusted profit during the same quarter last year and beating the Capital IQ consensus by $0.08 per share. Total net revenue increased 6% year-over-year to $1.55 billion, also topping the $1.53 billion analyst mean.

(+) East West Bancorp ( EWBC ) was posting a 5.4% advance on Thursday after the bank holding company reported a 5.1% increase in adjusted Q2 net income compared with the year-ago period, rising to $1.24 per share during the three months ended June 30 compared with $1.18 per share last year and beating the Capital IQ consensus by $0.01 per share. Total revenue rose to $420.1 million from $390 million last year, also exceeding the $414.4 million Street view.

(-) M&T Bank ( MTB ) dropped over 4% after reporting a Q2 profit of $3.34 per share, climbing 2.5% over its net income of $3.26 per share during the year-ago period but still trailing the $3.68 per share analyst consensus.

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Business , Commodities
Referenced Symbols: AMK , ALLY , EWBC , MTB

More from MT Newswires


MT Newswires

MT Newswires

Market News, Commodities

Research Brokers before you trade

Want to trade FX?