Financial Sector Update for 02/20/2018: NICK,HSBC,WLH,EDR

Top Financial Stocks

XOM -1.20%

CVX -1.21%

COP +0.24%

SLB -1.31%

OXY -0.40%

Financial stocks have turned solidly lower in late trade, with the NYSE Financial Sector Index dropping over 0.6% while financial companies in the S&P 500 Index declined slightly less than 0.3%. Elsewhere, the Philadelphia Housing Sector Index was falling over 1.3%.

Among financial stocks moving on news:

Nicholas Financial ( NICK ) was narrowly lower in late Tuesday trading, reversing a nearly 3% advance that followed the consumer finance company saying it has re-hired Chad Steinorth to be its interim chief financial officer, starting by March 1 at the latest. During his first run at Nicholas, Steinorth worked 13 years at the company between November 1993 through November 2006 in several executive positions, including controller and vice president of finance. After leaving Nicholas, he owned and operated a local auto-finance company in the Tampa Bay region until selling it in 2016. Since that time, he was the vice president for finance at Platinum Auto Finance.

In other sector news:

- William Lyon Homes ( WLH ) was slightly lower Tuesday afternoon, trimming a much deeper slide earlier to a session low of $23.31 a share after saying it has signed a definitive agreement to buy RSI Communities, a homebuilder with operations in southern California and Texas for about $460 million in cash. The transaction is slated to close before the end of March.

- EdR ( EDR ) was more than 4% lower in recent trade despite the real estate investment trust reporting core funds from operations of $0.59 per share during the three months ended Dec. 31, unchanged from the same quarter last year and beating Capital IQ consensus by $0.01 per share. Same-community net operating income was $43.4 million compared with $42.7 million last year. The company also is expecting FY18 core FFO in a range of $1.89 to $1.99 per share, straddling the $1.90 per share Street view.

- HSBC Holdings plc ( HSBC ) declined Tuesday, dropping over 4% to a session low of $51.54 a share, after the financial-services company reported a net loss attributable to shareholders of $274 million, trimming a $4.44 billion loss during the same quarter last year but still coming up shy of the $249 million loss analysts were expecting. Adjusted revenue rose 10% over the same quarter last year to $12.44 billion, also trailing the Capital IQ consensus looking for $12.79 billion in quarterly revenue.

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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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