Financial Sector Update for 04/17/2019: CLI,MS,BK
Top Financial Stocks
Financial stocks were narrowly lower in afternoon trading, including a less than 0.1% decline for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling just over 0.1%. The Philadelphia Housing Index was down 0.3%.
Among financial stocks moving on news:
(+) Mack-Cali Realty (CLI) rose nearly 3% after Stifel raised its investment call for the real estate investment trust to buy from hold.
In other sector news:
(+) Morgan Stanley (MS) was 2.4% higher on Wednesday after reporting adjusted Q1 net income of $1.33 per share, trailing its $1.45 per share profit during the prior-year period but still beating the $1.17 per share Street view. Net revenue dropped to $10.29 billion from $11.08 billion last year but also topped the $9.95 billion Capital IQ consensus.
(-) Bank Of New York Mellon (BK) tumbled over 9% after the custodian bank reported Q1 net income of $0.94 per share, down from $1.10 per share during the same quarter last year and missing the Capital IQ consensus by $0.02 per share. Total revenue fell to $3.9 billion from $4.18 billion last year, also lagging the $4 billion analyst mean.
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