Top Financial Stocks
Financial stocks were finishing higher this afternoon, with the NYSE Financial Sector Index rising over 1.5% while financial companies in the S&P 500 Index were advancing nearly 1.8%. The Philadelphia Housing Sector Index was down less than 0.1%, reversing an earlier rise.
Among financial stocks moving on news:
+ The Bank of Nova Scotia (BNS,BNS.TO) was almost 2% higher Wednesday afternoon and the Canadian lender saying chief financial officer Sean McGuckin will take a leave of absence to attend to an illness in his family, adding it has named chief accountant Raj Viswanathan as acting CFO, effective immediately. The company also has promoted the co-head of its global investment banking unit, Charles Emond, to executive vice president for finance, and also said Chadwick Westlake has been named senior vice president for structural cost management & Canadian banking finance.
In other sector news:
+ Xinyuan Real Estate Co. Ltd ( XIN ) was trading higher on Wednesday, climbing almost 3% to reverse a more than 5% decline earlier in today's session that followed the residental builder reporting a Q1 net loss on lower revenue. It recorded a $0.16 per American depository share on $174.1 million in revenue during the three months ended March 31, reversing $0.11 per ADS in net income on $280.7 million during the year-ago quarter. Analyst estimates were not available for comparison.
+ Yintech Investment ( YIN ) was nearly 2% higher, easing only slightly from its session high, despite the Chinese investment and trading services company reversing a non-GAAP Q1 profit last year and posting a big drop in revenue compared with year-ago levels. Excluding one-time items, Yintech reported an adjusted net loss of RMB0.40 per share, or about $0.06 per share, on RMB268 million in revenue during the three months ended March 31. That compares with an RMB5.36 a year per share non-GAAP profit during the same quarter last year on RMB1.10 billion in revenue. Looking forward, the company is projecting Q2 revenue in a range between RMB280 million to RMB300 million. Analyst consensus estimates were not available. The company also said it was launching a new stock buyback program on June 2, with plans to repurchase up to $30 million of its outstanding American depositary shares over the next 12 months.
+ LendingTree ( TREE ) was edging higher again, recovering from moderate declines earlier Wednesday that followed analysts at Deutsche Bank starting coverage of the online loan marketplace with a Hold rating and a $290 price target. The new coverage follows LendingTree earlier this month announcing a deal to acquire Ovation Credit Services, paying $20.8 million to buy the credit services company.