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Financial Sector Update for 04/17/2019: USB,CLI,MS,BK

Top Financial Stocks

JPM +2.88%

BAC +0.47%

WFC -0.25%

C +1.63%

USB +0.92%

Financial stocks turned narrowly higher in afternoon trading, including a more than 0.2% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 also were climbing just over 0.2%. The Philadelphia Housing Index was down almost 0.2%.

Among financial stocks moving on news:

(+) US Bancorp ( USB ) was rising this afternoon, overcoming a 2.5% decline earlier in Wednesday trading. The money-center bank reported Q1 net income of $1.00 per share, improving on a $0.96 per share profit during the same quarter last year and matching the Capital IQ consensus for the three months ended March 31. Total revenue rose to $5.55 billion from $5.44 billion last year but still fell short of the $5.62 billion analyst mean.

In other sector news:

(+) Mack-Cali Realty ( CLI ) rose nearly 3% after Stifel raised its investment call for the real estate investment trust to buy from hold.

(+) Morgan Stanley ( MS ) was more than 2% 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.

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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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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