Top Financial Stocks
Financial stocks still were declining in afternoon trading, including a 0.4% drop for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling more than 0.7%. The Philadelphia Housing Index was down almost 0.1%.
Among financial stocks moving on news:
(+) Mogo Finance Technology ( MOGO ) climbed nearly 15% after Monday agreeing to an all-stock merger transaction with Canadian venture capital and private-equity firm Difference Capital Financial (DCF.TO). The combined companies will continue under the Mogo Inc name, with Difference Capital investors receiving Mogo shares providing them with 20% of the merged companies' stock. The proposal still is subject to regulatory and Mogo shareholder approvals and other customary conditions.
In other sector news:
(-) Royal Bank Of Canada ( RY ) was narrowly lower in afternoon trading. A FINRA arbitrator ruled the company's broker-dealer arm repeatedly violated agency and state laws, according to the law firm that represented an 80-year-old former secretary who accused the unit of taking advantage of her. The retiree was awarded all investment losses plus interest, attorneys fees and arbitration filing fees, the Mark Tepper law firm said without disclosing the actual size of the award.
(-) Goldman Sachs Group ( GS ) was down nearly 4% after Monday reporting a 13% year-over-year drop in total net revenue to $8.81 billion, trailing Wall Street estimates expecting $8.89 billion in revenue. Net income also declined during the three months ended March 31, falling to $5.71 per share from $6.95 per share during the year-ago period although that still topped the $5.02 per share analyst mean.
(-) Alliance Data Systems ( ADS ) declined almost 10% on Monday after announcing a definitive agreement to sell its Epsilon unit to Paris-traded Publicis Groupe for $4.4 billion in cash and prompting analysts at least two brokerages to downgrade Alliance Data Systems' stock.
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