Financial Sector Update for 10/18/2016: CPSS,WAC,CUZ

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Financial stocks were posting sizable increases today, with the NYSE Financial Sector Index climbing over 1.0% while financial companies in the S&P 500 Index were advancing nearly 0.9%.

In company news, Consumer Portfolio Services ( CPSS ) slumped during Tuesday trading after the specialty lender last night reported mixed Q3 results, topping analyst estimates with its net income although revenue for the July-to-September period trailed analyst estimates.

The company earned $7.3 million, or $0.26 per share, during the three months ended Sept. 30, down from $8.8 million and $0.28 per share during the same quarter last year and beating the Capital IQ consensus by $0.02 per share. Revenue rose 15.5% over year-ago levels to $108.5 million, lagging the three-analyst Street view expecting $110.9 million.

CPSS shares were down almost 11% at $4.28 apiece in recent trade, recovering somewhat from an early retreat to $4.14 a share.

In other sector news,

(+) WAC, (+6.7%) Names Alfred Young Jr. to be chief risk and compliance officer. Young is expected to join the company on Monday, Oct. 24.

(-) CUZ, (-24.2%) Upgrade to Hold from Sell at Stifel, which also pared its price target for the company's stock by $1.50 to $8 a 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: CPSS , CUZ

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