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Financial Sector Update for 10/30/2018: BKI,FIS,MA,ELVT


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Top Financial Stocks

JPM +1.52%

BAC +0.09%

WFC +0.68%

C +0.06%

USB +1.29%

Financial stocks still were mostly higher in late afternoon trading, including a more than 0.5% advance for the NYSE Financial Index while shares of financial companies in the S&P 500 were rising almost 1.2%. The Philadelphia Housing Index was racing to a nearly 4.4% gain after the Case-Shiller National Index found a 0.2% increase in home selling prices during August over the prior month and a 5.8% year-over-year rise in August, down from a 6.0% advance during July.

Among financial stocks moving on news:

(+) Black Knight ( BKI ) was almost 10% higher shortly before Tuesday's closing bell, backing down somewhat from a nearly 12% gain previously this afternoon that followed the banking and lending data analytics company earlier reporting above-consensus Q3 net income and revenue. Excluding one-time items, Black Knight reported a 33% increase in non-GAAP net income over year-ago levels to $0.48 per share and beating the Capital IQ consensus by $0.03 per share. Adjusted revenue rose 7% year over year to $282.3 million, roughly in-line with the $282.4 million analyst mean. Looking forward, Black Knight also is projecting FY18 net income in a range of $1.82 to $1.85 per share, surpassing the Street view by at least $0.01 per share.

In other sector news:

(+) Fidelity National Information Services ( FIS ) climbed almost 4% at one point on Tuesday after the financial-services technology company reported Q3 profit beating Wall Street estimates and raised its FY18 earnings outlook. The company earned $1.33 per share during the three months ended September 30, improving on $1.17 per share during the same quarter last year and topping the Capital IQ consensus by $0.03 per share. Revenue declined slightly to $2.08 billion from $2.10 billion last year and largely matching the analyst mean. Fidelity also increased its FY18 profit outlook to a new range expecting non-GAAP net income of $5.20 to $5.24 per share from its prior outlook expecting between $5.18 to $5.34 per share. Analysts, on average, are modelling adjusted EPS of $5.23 for the 12 months ending Dec. 31.

(-) Mastercard ( MA ) was falling nearly 3% in afternoon trading, giving back a more than 1% gain earlier Tuesday that followed the credit card company reporting better-than-expected Q3 financial results. Excluding one-time items, the company earned $1.78 per share during the three months ended Sept. 30, up from $1.34 per share during the year-ago period and topping the Capital IQ consensus by $0.10 per share. Net revenue rose to $3.9 billion from $3.4 billion during the same period last year and also beating the $3.86 billion Street view.

(-) Elevate Credit ( ELVT ) dropped to a record low on Tuesday, sinking almost 40% to a worst-ever $3.82 a share after the online lender to sub-prime borrowers missed analyst projections with its Q3 financial results and also issued FY18 guidance trailing Wall Street forecasts and prompting at least two downgrades by analysts at William Blair and JMP Securities. It recorded a net loss of $0.10 per share on $201.5 million in revenue during the July-to-September quarter, trailing Wall Street estimates expecting a $0.13 per share profit on $201.7 million in revenue. The company also sees FY18 net income and revenue lagging the Capital IQ consensus expecting $0.67 per share on $803 million in revenue by at least $0.35 per share and $8 million, respectively.

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: BKI , FIS , MA , ELVT



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