Top Financial Stocks
JPM +0.55%
BAC +0.42%
WFC +0.62%
C +1.32%
USB +0.30%
Financial stocks were posting moderate gains, with the NYSE Financial Sector Index climbing just over 0.3% while shares of financial companies in the S&P 500 also were rising slightly more than 0.3%. The Philadelphia Housing Index still was posting a more than 0.3% decline.
Among financial stocks moving on news:
- American International Group ( AIG ) fell over 5% on Friday after the insurance conglomerate reported a drop in its adjusted Q2 net income to $1.05 per share from $1.53 per share during the year-ago period, trailing the Capital IQ consensus of $1.21 per share. Gross premiums written rose 4% year-over-over to $8.65 billion from $8.31 billion last year.
In other sector news:
+ Cardtronics ( CATM ) climbed to a 14-month high on Friday, rising 35% to its best level since June 2017 after reporting better-than-expected Q2 net income and revenue and also issuing an FY18 earnings outlook exceeding Wall Street estimates. Excluding one-time items, the automated consumer financial services company earned $0.61 per share on $341 million in revenue, topping the Capital IQ consensus by $0.22 per share and $17.7 million, respectively. It also sees non-GAAP FY18 EPS in a range of $1.70 to $1.85, exceeding the Street view by at least $0.11 per share.
- MFA Financial ( MFA ) dropped nearly 5% at one point during Friday trading after the real estate investment trust priced a $389 public offering of 50 million shares of its common stock at $7.78 apiece, representing a 3.5% discount to Thursday's closing price. The company also issued an option to underwriters to buy up to 7.5 million additional shares and is expecting to use net proceeds for general working capital purposes and investing in residential mortgage-related assets as well as repaying debt obligations.
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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.
