Financial Sector Update for 07/11/2019: SCHW,ATIF,YRD,ADS,SPWH

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Top Financial Stocks

JPM +0.97%

BAC +1.24%

WFC +0.12%

C +0.93%

USB +0.46%

Financial stocks added to their small mid-day gains this afternoon, with the NYSE Financial Index rising almost 0.2% while shares of financial companies in the S&P 500 were posting a nearly 0.6% gain. The Philadelphia Housing Index was sinking about 0.7%.

Among financial stocks moving on news:

(+) Charles Schwab ( SCHW ) was climbing over 2% late Thursday after saying its Schwab Intelligent Portfolios Premium service has added $1 billion in new assets under management since introducing subscription-based pricing in late March and now totals over $41 billion. The number of new accounts have risen 25% and the average value in enrolled household assets has increased 40% over the same span, the online broker said.

In other sector news:

(+) Yirendai ( YRD ) rose nearly 1% on Thursday after the company said board chairman Ning Tang will become chief executive officer at the Chinese consumer loan company after closing on "business realignment transactions" with CreditEase Holdings Ltd, where Tang also was CEO and board chairman. Yirendai Thursday also reported non-GAAP Q1 net income of RMB3.96 per American depositary share, down from a RMB5.85 per ADS profit during the same January-to-March fiscal period last year, excluding one-time items.

(+) Alliance Data Systems ( ADS ) were slightly higher in late Thursday trading. The credit services firm Thursday said it has signed a new long-term agreement to provide co-brand and private label credit card services for outdoor specialty retailer Sportsman's Warehouse ( SPWH ).

(-) ATIF Holdings ( ATIF ) dropped 3% after Thursday announcing a $1.6 million contract to consult with Shenzhen Micro Union Gold League Electronic Commerce Technology while the e-commerce company works to join the US capital markets. The deal also calls on ATIF to provide Shenzhen Micro with business planning and strategy development as well as assisting with fundraising and investor relations.

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: SCHW , YRD , ADS , SPWH , ATIF

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