Financial Sector Update for 10/08/2018: CLDC,HPP,TWO,LYG

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Top Financial Stocks

JPM -0.15%

BAC -0.66%

WFC +0.23%

C -0.52%

USB +0.47%

Financial stocks were narrowly little changed in Monday afternoon trading as the NYSE Financial Index slipped 0.1% while shares of financial companies in the S&P 500 were up 0.02%. The Philadelphia Housing Index was rising over 0.4%.

Among financial stocks moving on news:

(+) China Lending Corp ( CLDC ) soared Monday, soared Monday, with its shares more than doubling, after the non-bank specialty lender said it entered into a cooperation pact with Zhejiang Lixin Holding to help it in evaluating restructuring options as well as possible mergers and acquisitions.

In other sector news:

(+) Hudson Pacific Properties ( HPP ) rose more than 1% on Monday after the real estate investment trust and Allianz Real Estate said they have formed a joint venture to acquire a leasehold interest in the land and improvements of the Ferry Building in San Francisco from an affiliate of the Blackstone Group ( BX ) for $291 million before prorations, credits and closing costs. Hudson Pacific owns a 55% interest in the joint venture and will act as the managing member and day-to-day operator of the property.

(+) Two Harbors Investments Corp ( TWO ) was advancing Monday afternoon, rising more than 1%. The real estate investment trust said Friday that Brad Farrell will step down as chief financial officer and company treasurer early next year to pursue other opportunities. Mary Riskey was appointed acting CFO until Farrell leaves on Jan. 31, 2019, when her appointment will become permanent.

(-) Lloyds Banking Group ( LYG ) slid 0.7% on Monday following reports the British financial services company was talking with asset manager Schroders about a potential joint venture combining their wealth management operations.

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: CLDC , HPP , BX , TWO , LYG

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