Financial Sector Update for 08/10/2018: FDS,COLD,SSC

Top Financial Stocks

JPM -1.28%

BAC -1.59%

WFC -0.64%

C -2.45%

USB -0.58%

Financial stocks were declining Friday afternoon, including a more than 1.1% drop for the NYSE Financial Index while shares of financial companies in the S&P 500 also were falling about 1.1%. The Philadelphia Housing Index was dropping nearly 0.8%.

In economic news:

Stocks were under pressure Friday after a deep dive for the Turkish lira against other currencies sparked market fears of contagion beginning in European trading and later spreading to US markets. The lira overnight dropped 20% against the dollar, fueling a selloff for European equities while US President Donald Trump responded by doubling the tariffs on Turkish aluminum and steel to 20% and 50%, respectively, with the weakening lira making existing tariffs less effective.

Also Friday, consumer prices rose 0.2% during June over prior-month levels, accelerating a 0.1% increase reported in May and matching the Econoday consensus call. Prices increased 2.9% over June 2017 levels, the Bureau of Labor Statistics said, unchanged from the previous month and also matching market estimates. Excluding food and energy costs, prices paid at the retail levels rose 0.2% month over month while the annual core rate climbed to 2.4% from 2.3% in May.

Among financial stocks moving on news:

- FactSet Research Systems ( FDS ) declined Friday, falling almost 1%, despite late Thursday winning a lawsuit filed by Ashbury Heights Capital accusing it of misusing intellectual property and under-reporting royalty revenue. The suit stems from Ashbury Heights' 2010 partnership with Revere Data, with the asset manager providing Revere with a data analysis tool that tries to predict stock movements resulting from economic events and extrapolations between customer and supplier relationships in exchange for a share of the revenue generated from the sale of that data. FactSet acquired Revere Data in 2013 for $15 million, according to court documents filed in the case.

In other sector news:

+ Americold Realty Trust ( COLD ) advanced Friday, rising over 4%, after the real estate investment trust reported Q2 core funds from operations of $0.29 per share for the three months ended June 30 and topping the two-analyst consensus by $0.03 per share. Excluding one-time, its adjusted FFO was $0.27 per share, trailing the Street view by $0.01 per share. Revenue rose 4% year over year to $394.7 million, also surpassing the $392.1 million analyst mean.

- Seven Stars Cloud ( SSC ) dropped nearly 1% after the block-chain financial technology company Friday said it raised $12 million from Advantech Capital Investment II Ltd by issuing a convertible note to the Chinese private equity firm. Seven Stars Friday also said it has restructured its recent private placement with GT Dollar, paring its stock sale to the Singapore-based ecommerce platform by 75% to $10 million. Seven Stars plans on using the new investments to accelerate adoption of its artificial-intelligence technology into various business verticals.

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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