Markets

Financial Sector Update for 02/12/2016: JPM,MGI,LPLA

Top Financial Stocks

JPM +7.60%

BAC +6.14%

WFC +4.48%

C +6.58%

USB +3.55%

Financial stocks were broadly higher today, with the NYSE Financial Sector Index climbing almost 3.2% and the S&P Financial 100 Index adding nearly 3.5%.

In company news, JPMorgan Chase & Co ( JPM ) surged Friday after CEO Jamie Dimon purchased 500,000 shares of the financial services giant's stock, a person with knowledge of the move told Bloomberg last night.

Dimon paid around $26 million for the shares, the person said, asking not to be identified discussing the purchase before its public disclosure. JPMorgan stock had fallen around 20% during 2016 through yesterday's close.

JPM shares were up nearly 8% at $57.05 each, easing from their session high of $57.43 a share.

In other sector news,

(+) MGI, (+21.1%) Reports Q4 net income of $0.23 per share, beating the Capital IQ consensus by $0.01 per share. Revenue of $376.7 mln also misses $376.1 consensus. Projects 8% to 10% revenue growth during FY16, exceeding analyst estimates looking for 7.1% growth this year.

(-) LPLA, (-25.6%) Adjusted Q4 EPS of $0.37 per share trails $0.51 per share consensus. Produces $1.02 bln in quarterly revenue, also lagging the $1.05 bln Street view.

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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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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