Financial Sector Update for 10/11/2018: SQ,PYPL,WMT,ISTR,CBSH

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Top Financial Stocks

JPM -1.66%

BAC -1.30%

WFC -0.11%

C -0.63%

USB -1.26%

Financial stocks were declining in Thursday afternoon trading, including a more than 0.7% drop for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling just over 1%. The Philadelphia Housing Index was posting a nearly 1.1% retreat.

Among financial stocks moving on news:

(-) Square ( SQ ) declined Thursday, falling 16% at one point, after Sarah Friar disclosed plans to step down as chief financial officer at the electronic payments company to move to Nextdoor, where she will be chief executive of the neighborhood-based social network firm. Square has begun its search for a replacement and Friar will remain at Square into December to assist with an orderly transition, the company said.

In other sector news:

(+) PayPal Holdings ( PYPL ) climbed 1% on Thursday after announcing a new partnership with retail giant Walmart ( WMT ) to provide financial services to their shared customers.

(-) Investar Holding ( ISTR ) was sinking during Thursday trading, falling more than 5% to its session low after the bank holding company late Wednesday announced a $19.9 million acquisition of Texas-chartered Mainland Bank.

(-) Commerce Bancshares ( CBSH ) slid 1.8% during Thursday trading. The bank holding company reported above-consensus Q3 net income, earning $1.03 per share during the three months, up from $0.67 per share in the same quarter last year and beating the Capital IQ consensus by $0.07 per share.

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: SQ , PYPL , WMT , ISTR , CBSH

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