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Financial Sector Update for 03/13/2018: WLFC,YIN,IVZ

Top Financial Stocks

JPM -0.31%

BAC -0.41%

WFC -0.24%

C -0.64%

USB -0.80%

Financial stocks were falling Tuesday afternoon, with the NYSE Financial Sector Index dropping over 0.3% while financial companies in the S&P 500 Index were declining about 0.4%. The Philadelphia Housing Sector Index also was nearly 0.8% higher in recent trading.

In economic news:

Data released Tuesday morning showed a 0.2% increase in the consumer price index during February compared with the prior month, matching market expectations and slipping from a 0.5% increase in January. On a yearly basis, consumer prices have risen 2.2% since February 2017, also in-line with Wall Street estimates, according to Econoday, and showing a 0.1 percentage point rise over the 2.1% year-over-year increase reported in January. Excluding volatile fuel and food prices, core CPI was up 0.2% and 1.8% month over month and year over year, respectively.

Also, the National Federation of Independent Businesses reported its February small business optimism index at 107.6 vs. topping the consensus view expecting a 107.0 reading.

Among financial stocks moving on news:

+ Willis Lease Finance Corp ( WLFC ) rose to a record high on Tuesday, climbing almost 3% to an all-time high of $29.36 a share, that followed the specialty lender reporting a 50.4% rise in pre-tax income to $36.0 million compared with $23.9 million during the 12 months ended Dec. 31, 2016. Total revenue grew 32.6% last year to a best-ever $274.8 million from $207.3 million in the prior-year period. No analyst estimates were available for comparison. The gains were supported by strong growth in its core aircraft-parts leasing business. Recent changes in federal tax law also contributed about $43.6 million to the company's after-tax income.

In other sector news:

- Invesco ( IVZ ) has turned lower Tuesday afternoon, giving back a slightly more than 1% gain to a session high of $34.88 a share, that followed the investment manager reporting $945.4 billion in preliminary assets under management during February, falling 2.8% from $972.6 billion during January. Invesco blamed the decline on unfavorable market returns along with adverse foreign exchange rates and long-term net outflows partially offset by rising money market assets.

- Yintech Investment ( YIN ) dropped almost 6% on Tuesday, sinking to a session low of $9.50 a share, after reporting lower Q4 net income and revenue compared with the same quarter in 2016. Excluding one-time items, the company earned RMB0.81, or about $0.13, per share during the three months ended Dec. 31, down sharply from a RMB6.69 per share adjusted profit during the prior-year period. Revenue fell to RMB386.1 million from RMB1.06 billion last year. The company also is projecting Q1 revenue in a range of RMB260 million to RMB280 million compared with RMB402.9 million in revenue during the first three months of 2017. Yintech also declared a quarterly cash dividend of $0.40 per American depository share, payable April 9 to shareholders of record on March 27.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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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