Markets

Financial Sector Update for 08/09/2018: WP,WPY.L,DNB,GDOT

Top Financial Stocks

JPM -0.75%

BAC -0.66%

WFC -0.14%

C -0.97%

USB +0.02%

Financial stocks were declining Thursday afternoon, including a nearly 0.2% drop for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling almost 0.4%. The Philadelphia Housing Index was rising more than 0.4%.

Among financial stocks moving on news:

+ Worldpay (WP,WPY.L) raced almost 9% higher on Thursday, touching an all-time high of $90.44 a share at one point, after the electronic payments processor reported Q2 financial results exceeding analyst estimates and also raised its Q3 and FY18 forecasts for non-GAAP net income and revenue. Excluding one-time items, Worldpay earned $1.04 per share on $1.0 billion in revenue during the three months ended June 30, beating the Capital IQ consensus by $0.09 per share and $21.2 million, respectively. After increasing its projections, the company's Q3 and FY18 adjusted earnings guidance are both topping Wall Street expectations while its revenue outlooks remain in-line with the analyst means.

In other sector news:

+ Dun & Bradstreet ( DNB ) set an all-time high of $145.98 a share after the commercial data and analytics company agreed to a $6.9 billion private-equity buyout offer, upstaging below-consensus Q2 financial results. The deal calls on the investor group led by CC Capital and also including Cannae Holdings and funds affiliated with Thomas H. Lee Partners will pay $145 for each Dun and Bradstreet share, representing a 30% premium over the company's stock price on Feb. 12 when it began exploring its strategic options. The investor group also will absorb about $1.5 billion of company debt.

+ Green Dot ( GDOT ) rose to a record high of $85.50 a share on Thursday, climbing nearly 6%, after reporting Q2 net income of $0.74 per share, topping the Capital IQ consensus by $0.11 per share, while revenue grew 16% year over year to $258.3 million and beat the $250.18 million Street view. It also raised its forecast range for FY18 net income to $3.03 and $3.08 per share from its prior outlook expecting between $2.93 to $3.00 per share, exceeding the analyst mean by at least $0.02 per share. The company also raised its FY18 revenue guidance but remained in-line with the Street consensus.

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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