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


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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.

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



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