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Financial Sector Update for 02/14/2018: CS,LYG,REXR


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Top Financial Stocks

JPM +1.61%

BAC +1.51%

WFC +1.24%

C +1.29%

USB +1.13%

Financial stocks were mostly higher Wednesday afternoon, with the NYSE Financial Sector Index rising moer than 0.6% while financial companies in the S&P 500 Index were increasing more than 1.2%. Elsewhere, the Philadelphia Housing Sector Index was climbing about 0.6%.

In economic news:

The Consumer Price Index rose an unexpected 0.5% during January, including a 0.3% increase in core prices excluding energy and food costs and matching the top of the analyst forecast range, according to Econoday. Year-over-year, both the headline and the core reading last month were unchanged at 2.1% and 1.8%, respectively. Among individual components, transportation costs - including parking, vehicle leasing, body work, insurance and vehicle fees - climbed 1.8% from December, while hospital expenses jumped 1.3%. Apparel also resumed its advance during January, with women's clothing rising 3.4% while the overall sector increased 1.7%.

Also Wednesday, business inventories grew an expected 0.4% during December while November and October growth remaining at their previously reported 0.4% and 0.0%, respectively. The December increase was centered largely among manufacturers where inventories rose 0.5% while wholesalers expanded their inventories by 0.4%. But retailers weighed somewhat on the total, climbing 0.2% for the fourth consecutive month.

Among financial stocks moving on news:

+ Credit Suisse Group ( CS ) advanced Wednesday, rising almost 4% to a session high of $18.35 a share on the New York Stock Exchange after the company posted a smaller Q4 net loss than analysts were expecting and above-consensus revenue for the October-to-December reporting period. Excluding one-time items and the impact of recent changes in U.S. tax law, it recorded an CHF0.83, or $0.89, per share net loss during the three months ended Dec. 31, improving on a CHF1.20 per share loss during the year-ago period and beating the three-analyst consensus expecting a Q4 net loss of CHF0.89 per share. Revenue rose to CHF5.19 billion from CHF5.18 billion last year, also exceeding the CHF5.08 billion Street view.

In other sector news:

+ Lloyds Banking ( LYG ) was little changed Wednesday afternoon, paring all of its prior decline that followed analysts at Davy Research's reducing their stock rating for the UK-based bank company to Neutral from Outperform.

- Rexford Industrial Realty ( REXR ) was moderately lower after CapitalOne lowered its recommendation for the real estate investment trust to Equal Weight from Overweight.

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: CS , LYG , REXR



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