Top Financial Stocks
Financial stocks were higher Wednesday afternoon, with the NYSE Financial Sector Index rising over 1.4% while financial companies in the S&P 500 Index were advancing nearly 1.8%. The Philadelphia Housing Sector Index was up nearly 0.2%.
Among financial stocks moving on news:
+ 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.
In other sector news:
- 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.
- Xinyuan Real Estate Co. Ltd ( XIN ) was trading higher on Wednesday, climbing almost 3% to reverse a more than 5% decline earlier in the session that followed the residential builder reporting a Q1 net loss on lower revenue. It recorded a loss of $0.16 per American depositary 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.