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Financial Sector Update for 05/15/2018: AHL,LYG,PPDF,CCT,GS

Top Financial Stocks

JPM -1.14%

BAC +0.03%

WFC +0.14%

C -0.21%

USB -0.25%

Financial stocks were paring their losses Tuesday afternoon, with the NYSE Financial Sector Index dropping almost 0.5% while financial companies in the S&P 500 Index were falling over 0.1%. The Philadelphia Housing Sector Index was posting a more than 2.7% decline.

In economic news:

Retail sales rose 0.3% during April, matching forecasts, while the March reading was revised 0.2 percentage points higher to 0.8% while February climbed an extra 0.1 percentage points to 0.0%.. Excluding autos, April sales also increased 0.3%, trailing forecasts expecting a 0.5% rise and the March and February ex-autos scores both doubled their original readings, rising another 0.2 percentage points to a 0.4% sequential increase each month.

The Empire State manufacturing index surprised to the upside on Tuesday, rising 4.3 points over the prior month to a 20.1 May reading, topping expert opinion expecting a 15.5 May score and more than recouping April's 6.7-point decline. The employment component inched up to a 8.7 reading, adding 2.7 points this month, but remaining below the six-month average of 10.3. The average workweek increased by 5.8 points in May to 16.9 while new orders jumped 7.0 points to a 16.0 score. The six-month general business index almost doubled from April's 18.3 reading, reaching 31.1.

Among financial stocks moving on news:

+ Aspen Insurance Holdings ( AHL ) advanced on Tuesday, at one point climbing almost 2% shares, after the property and casualty insurer said it has applied to the Central Bank of Ireland seeking authorization to launch a new insurance subsidiary in Dublin as part of its efforts to continue serving customers in European Economic Area after the United Kingdom leaves the European Union. The company also is expecting to use Lloyds Banking Group's ( LYG ) proposed subsidiary in Belgium through its Aspen Managing Agency. The company is expecting its new Aspen Ireland unit will be operational by Q1 2019.

In other sector news:

+ PPDAI Group ( PPDF ) surged Tuesday, climbing as much as 8%, after the Chinese online finance company reported substantial increases in non-GAAP Q1 operating income and revenue over year-ago levels. Excluding one-time items, the company earned RMB414.7 million, or about $66.1 million, from RMB281.2 million during the three months ended March 31, rising 47.5% over last year's RMB668.5 million operating profit. Revenue increased 33.1% year over year to RMB916.8 million, or about $146.2 million, compared with RMB668.5 million in the year-ago levels. No analyst estimates were available for comparison.

- Corporate Capital Trust ( CCT ) has turned narrowly lower on Tuesday, giving back a slightly more than 2.0% advance that followed the real estate investment trust reporting above-consensus adjusted Q1 net income and revenue. Non-GAAP net income dipped to $0.57 per share during the three months ended March 31 from $0.62 per share during the same quarter last year and exceeding the Capital IQ consensus by $0.15 per share. Revenue climbed to $99.6 million $92.8 million during the same quarter last year, also topping the $95.1 million Street view.

- Shares of The Goldman Sachs Group ( GS ) were narrowly lower Tuesday afternoon, paring a nearly 1% decline earlier in the session that followed the investment bank reportedly reorganizing the leadership structure of its securities division. Ashok Varadhan will become the sole head of the trading division, according to an internal memo from Goldman CEO Lloyd Blankfein obtained by news outlets, while the other two co-managers of the unit - Pablo Salame and Isabelle Ealet - will leave the company next month. .

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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