Top Financial Stocks
Financial stocks 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 0.6%. The Philadelphia Housing Index was down 0.1%.
Among financial stocks moving on news:
(+) Royal Bank Of Canada ( RY ) was narrowly higher in afternoon trading. A FINRA arbitrator ruled in favor of an 80-year-old former secretary who accused the bank's brokerage unit of allegedly taking advantage of her, the retiree's attorney said in a statement. 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.
In other sector news:
(-) Goldman Sachs Group ( GS ) was down nearly 3% 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 8.3% 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 at least two brokerages to downgrade Alliance Data Systems' stock.
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