Markets

Financial Sector Update for 05/02/2016: IBKR,GNW,PNNT

Top Financial Stocks

JPM +0.97%

BAC +1.20%

WFC +1.12%

C +0.79%

USB +0.53%

Financial stocks continued to add to their earlier gains, with the NYSE Financial Sector Index adding 0.7% while financial companies in the S&P 500 Index were climbing almost 1.1%.

In company news, Interactive Brokers ( IBKR ) rose Monday after reporting a 5% increase in daily average revenue trades over year-ago level during April to 662,000 trades, which also climbing about 1% above its March totals.

The company ended last month with about $71.8 billion in client equity, up 10% from April 2015 and 2% higher than the prior month, also saying ending margin loan balances declined 17% year over year to $15.6 billion at the end of last month. It took in about $3.80 in average commission for each client order, including exchange, clearing and regulatory fees.

IBKR shares were ahead about 2% at $38.69 each, staying within 10 cents of their session high today.

In other sector news,

(+) GNW, Terminates $300 mln revolving credit facility ahead of its Sept. 26 maturity date. The company had no outstanding loans when it canceled the credit package, according to 10-Q quarterly report filed late Friday.

(-) PNNT, Robert W. Baird & Co. lowers investment rating to Neutral from Outperform. Also assigns $6 a share price target for the stock.

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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