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Financial Sector Update for 08/02/2018: PRU,LSI,MTB

Top Financial Stocks

JPM -0.67%

BAC -0.80%

WFC -0.73%

C -0.82%

USB -2.28%

Financial stocks were declining ahead of Thursday's opening bell as worries over trade tensions with China continue to influence market activity.

Among financial stocks moving on news:

- Prudential Financial ( PRU ) fell almost 2% in early Thursday trading after the company reported adjusted Q2 net income of $3.01 per share, up from $2.09 per share during the year-ago period but still trailing the Capital IQ consensus by $0.06 per share.

In other sector news:

+ Life Storage ( LSI ) advanced in after-hours trading Wednesday night, rising almost 4%, after the real estate investment trust reported Q2 results topping year-ago and analyst comparisons and also forecasting Q3 and FY18 net income exceeding analyst opinion. Excluding one-time items, it generated funds from operations of $1.39 per share on $138 million in revenue, beating Street views by $0.04 per share and $2 million, respectively. It also sees Q3 FFO in a range surpassing the $1.37 per share consensus by at least $0.03 per share and a FY18 FFO range at least $0.04 per share above the $5.38 per share analyst mean.

= M&T Bank Corp ( MTB ) was steady early Thursday after analysts at Wedbush this morning cut their price target for the bank holding company's stock by $10 to $187 a share while maintaining a Neutral rating overall

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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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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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