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Financial Sector Update for 11/01/2018: TREE,HPP,ING,JHG


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Top Financial Stocks

JPM -0.18%

BAC +1.02%

WFC +0.55%

C +0.73%

USB -0.23%

Financial stocks were moderately higher in afternoon trading, including a nearly 0.8% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 were rising more than 0.8%. The Philadelphia Housing Index was rising more than 2.7% today.

Among financial stocks moving on news:

(+) LendingTree ( TREE ) raced over 30% at one point on Thursday after the specialty online lender reported Q3 earnings exceeding Wall Street expectations and it raised its FY18 revenue outlook. Excluding one-time items, the company earned $1.92 per share, surpassing the Capital IQ consensus by $0.24 per share. Revenue increased 15% over year-ago levels to $197.1 million, narrowly lagging the $199.3 million Street view. It raised its FY18 revenue outlook to a new range expecting $765 million to $775 million compared with its prior view expecting between $745 million to $765 million and topping the analyst mean by at least $7.5 million.

In other sector news:

(+) ING Group ( ING ) jumped over 8% higher on Thursday after the Dutch asset manager reported a Q3 profit of EUR776 million, or about $879 million, down from EUR1.38 billion during the year-ago period and beating the EUR630 million analyst consensus despite Sept. 4 paying a EUR775 million fine to the Dutch Public Prosection Service for its failure to prevent money laundering.

(-) Hudson Pacific Properties ( HPP ) dropped about 1% on Thursday despite the real estate investment trust reporting Q3 revenue topping Wall Street forecasts and funds from operations that matched analyst estimates. FFO fell to $0.46 per share $0.50 per share during the prior-year period, while revenue also declined, slipping to $180.7 million from $190 million during the same quarter last year. Analysts, on average, had been expecting $175.9 million in revenue for the three months ended Sept. 30.

(-) Janus Henderson Groep ( JHG ) slumped Thursday, sinking just over 6% after reporting a 2.5% increase in Q3 revenue to $581.2 million compared with $566.9 million during the year-ago period but still missing the Capital IQ consensus by $5.3 million. Excluding one-time items, the company also saw its net income for the July-to-September period climb to $0.69 per share from $0.56 per share last year and matching the Capital IQ consensus forecast.

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: TREE , ING , HPP , JHG



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