Financial Sector Update for 02/01/2018: APO,BX,FCFS

Shutterstock photo

Top Financial Stocks

JPM +1.09%

BAC +1.12%

WFC +1.02%

C +0.64%

USB +0.54%

Financial stocks were broadly higher, with the NYSE Financial Sector Index rising just under 0.4% while financial companies in the S&P 500 Index were climbing more than 0.7% this afternoon. Elsewhere, the Philadelphia Housing Sector Index was up about 0.1%.

In economic news:

First-time jobless claims stabilized last week, totaling 230,000 during the seven days ended Jan. 27 compared with a revised 231,000 applications during the prior week. The four-week average declined for a third week in a row, slipping to 234,5000 initial claims for unemployment insurance, or more than 5,000 fewer applications compared with month-ago levels. Continuing claims rose 13,000 during the week ended Jan. 20 to 1.953 mln, while the four-week average climbed by 12,000 to 1.933 mln jobless workers.

Also, Q4 rose at a 3.2% annualized rate compared with the prior quarter although it required 3.3% more hours to accomplish that feat, more than cancelling any productivity gains, falling 0.1%. Compensation rose 1.8% during the final three months of 2017, producing a 2.0% rise in unit labor costs during the quarter. Construction spending, meanwhile, increased 0.7% in December for a 2.6% year-over-year increase. Residential spending rose 0.5% last month and climbed a very strong 6.2% increase in 2017.

Among financial stocks moving on news:

+ Apollo Global Management ( APO ) rose more than 4% on Thursday, touching a session high of $37.25 a share, after the private-equity firm said its Q4 economic net income grew to $1.22 per share from $0.98 per share during the year-ago period and easily beating the Capital IQ consensus expecting just $0.66 per share. Revenue increased by 29.7% compared with the same period last year to $869.5 mln, also topping the $599.4 mln Street view.

In other sector news:

+ The Blackstone Group L.P ( BX ) rose to a 30-month high on Thursday, reaching its best price since July 2015 at $37.52 a share, after the alternative asset manager beat Wall Street expectations with Q4 economic net income, earning $0.71 per unit and topping the Capital IQ consensus by $0.04 per share. Revenue rose 19.7% to $1.88 bln, also exceeding the $1.73 bln analyst mean.

+ FirstCash ( FCFS ) was fractionally higher in recent trade after the pawnshop operator reported adjusted Q4 net income of $0.94 per share, surpassing the Capital IQ consensus by $0.09 per share. Revenue increased 3.9% over last year to $480.2 mln, also beating the $467.3 mln Street view. The company also declared a $0.22 per share quarterly dividend, up 16% over its most recent distribution.

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: Investing , Banking and loans
Referenced Symbols: APO , BX , FCFS

More from MT Newswires


MT Newswires

MT Newswires

Market News, Commodities

Research Brokers before you trade

Want to trade FX?