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Financial Sector Update for 07/19/2019: ADS,STT,WLTW


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Top Financial Stocks

JPM -0.17%

BAC +0.24%

WFC +0.75%

C -0.45%

USB +0.43%

Financial stocks were narrowly mixed in recent trade, including a nearly 0.2% decline for the NYSE Financial Index while shares of financial companies in the S&P 500 were almost 0.2% higher this afternoon. The Philadelphia Housing Index was rising nearly 0.2%.

Among financial stocks moving on news:

(-) Alliance Data Systems Corp ( ADS ) declined 3.2% after the private label and co-branded credit card company Friday began a "modified Dutch Auction" tender offer to buy back up to $750 million of its common shares at between $144 to $162 each. The tender offer is scheduled to run through August 15, unless extended or terminated early.

In other sector news:

(+) State Street ( STT ) rose almost 5% after the wealth management company earned $1.45 per share during its Q2 ended June 30, on an adjusted basis, slipping from its $2.04 per share adjusted profit during the same quarter last year but still beating the Capital IQ consensus by $0.05 per share. Revenue declined 6.2% to $2.87 billion from $3.06 billion last year, also narrowly topping the $2.86 billion Street view.

(-) Willis Towers Watson plc ( WLTW ) was fractionally lower this afternoon. Morgan Stanley raised its price target on the UK insurance and financial services company by $18 to $208 a share and reiterated its overweight rating on the company's stock.

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: ADS , STT , WLTW



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