Financial Sector Update for 11/13/2018: KRC,YRD,WBK,MMC

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Top Financial Stocks

JPM +0.46%

BAC +0.14%

WFC +0.86%

C +0.82%

USB +1.28%

Financial stocks pared some of their prior gains this afternoon, including a nearly 0.7% advance for the NYSE Financial Index while shares of financial companies in the S&P 500 were rising slightly more than 0.5%. The Philadelphia Housing Index also was rising over 1.5% today.

Among financial stocks moving on news:

(+) Kilroy Realty ( KRC ) was hanging on to a slim gain shortly before Tuesday's closing bell, giving back most of a nearly 2% rise earlier in today's trading that followed analysts at Bank of America Merrill Lynch raising their investment recommendation for the real estate investment trust to Buy from Neutral.

In other sector news:

(+) Yirendai ( YRD ) was nearly 4% higher Tuesday afternoon, earlier touching a 6% advance after the online consumer finance company reported non-GAAP net income of RMB5.89, or about $0.86, per American depositary share in Q3 and crushing the Capital IQ consensus expecting just $0.36 per ADS, if comparable. Revenue declined 25.8% to RMB1.12 billion, or about $163.25 million, from RMB1.51 billion during the same quarter last year, trailing the Capital IQ consensus by about $16.2 million.

(-) Westpac Banking Corp ( WBK ) was fractionally lower Tuesday afternoon, falling less than 1%, after a federal court judge in Australia reportedly refused to approve a record AUD35 million, or about $25 million, fine by the Australian Securities and Investments Commission for irregular lending practices. Westpac in September agreed to pay the $25 million penalty but federal court judge Nye Perram said neither the bank or the regulatory panel could explain Westpac used a controversial statistics-based program to determine a borrower's household expenses rather than the customer's calculations.

(-) Marsh & McLennan ( MMC ) was declining Tuesday afternoon, retracing a portion of a prior 1% mid-morning retreat that followed the risk management company saying its Marsh unit has formed a new business with UK-based insurance and reinsurance carrier Jardine Lloyd Thompson Group. Marsh-JLT Specialty combines the specialty teams at both firms to better serve clients seeking specialized products and services. The merger still need antitrust and financial regulatory approvals to take effect.

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: KRC , YRD , WBK , MMC

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