Top Financial Stocks
Financial stocks added to their prior advance during afternoon trading, with the NYSE Financial Index rising almost 1.0% while shares of financial companies in the S&P 500 were climbing almost 1.4%. The Philadelphia Housing Index was rising more than 0.2%.
Among financial stocks moving on news:
(-) Hexindai ( HX ) declined 5% on Tuesday after the Chinese consumer lender reported significantly lower non-GAAP Q4 net income and revenue compared with the year-ago period. It earned $0.07 per share during the three months ended March 31, excluding one-time items, down from a $0.34 per share adjusted profit last year, while revenue slid to $4.1 million from $27.6 million last year as the volume of loans processed through the Hexindai platform cratered. Analyst estimates were not available.
In other sector news:
(+) Moneygram International ( MGI ) more than doubled on Tuesday, rising nearly 144% in late trade, after the company announced a new strategic partnership with Ripple Labs to process cross-border payments and foreign exchange settlements of digital assets. Ripple also will provide Moneygram with up to $50 million in capital over the next two years in exchange for equity.
(+) LendingClub ( LC ) was 3% higher after the specialty lender Tuesday said it was expanding its balance transfer program to accommodate more borrowers looking to consolidate debt or refinance their credit cards. The company previously tested the program for more than a year and was now making it more widely available through a partner network of over 1,700 credit card, bank and loan companies.
(-) Associated Capital Group ( AC ) fell 3.5% on Tuesday after the Morgan Group announced a tentative deal to acquire Associated's G. Research unit in exchange for 50 million Morgan Group shares, or about 91% of the privately held real estate developer's common stock. The deal still is subject to the companies executing a definitive agreement along with customary approvals.