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Financial Sector Update for 08/03/2018: MFA,CATM,AIG

Top Financial Stocks

JPM +0.03%

BAC -0.10%

WFC 0.00%

C -0.46%

USB 0.00%

Financial stocks were trading on both side of even ahead of Friday's opening bell.

Among financial stocks moving on news:

- MFA Financial ( MFA ) dropped over 4% in early Friday trading after the real estate investment trust disclosed plans for a public offering of 50 million shares of its common stock. The company also will issue a 30-day option to underwriters to buy up to 7.5 million additional shares and is expecting to use net proceeds for general working capital purposes as well as investing in residential mortgage-related assets or repaying debt obligations.

In other sector news:

+ Cardtronics ( CATM ) surged almost 19% during Friday's early session 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 FY17 EPS in a range of $1.70 to $1.85, exceeding the Street view by at least $0.11 per share.

- American Internation Group ( AIG ) declined in Friday's early session, falling over 3%, after reporting a drop in its adjusted Q2 net income to $1.05 per share from $1.53 per share during the year-ago period and trailing the Capital IQ consensus expecting a non-GAAP profit of $1.21 per share for the three months ended June 30. Gross premiums written rose 4% year-over-over to $8.65 billion from $8.31 billion last year.

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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