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Financial Sector Update for 10/16/2018: NMR,MS,BANR,BLK

Top Financial Stocks

JPM +1.62%

BAC +1.77%

WFC +0.23%

C +0.38%

USB +0.43%

Financial stocks were sharply higher in late trading this afternoon, including a more than 1.4% rise for the NYSE Financial Index while shares of financial companies in the S&P 500 were posting a nearly 1.3% increase. The Philadelphia Housing Index also was rising over 2.1% today.

Among financial stocks moving on news:

(+) Nomura Holdings ( NMR ) climbed 2% on Tuesday after the Japanese lender said it has agreed to pay $480 million to resolve a U.S. Department of Justice probe into residential mortgage-backed securities that were combined and marketed by Nomura subsidiaries in the United States prior to 2009. The company didn't provide any details about the investigation in its statement, but said the settlement will pare its fiscal Q2 financial results by 20 billion Japanese yen, or about $178.4 million.

In other sector news:

(+) Morgan Stanley ( MS ) rose nearly 6% on Tuesday after the brokerage and investment bank company reported Q3 adjusted earnings of $1.17 per share, up from an $0.88 per share non-GAAP profit during the same quarter last year and topping the Capital IQ consensus by $0.16 per share. Total revenue rose to $9.87 billion from $9.20 billion last year and beating the $9.55 billion Street view.

(-) Banner Corp ( BANR ) was fractionally lower during Tuesday trading, falling less than 0.1%, after investors at Skagit Bancorp late Monday voted in favor of Banner's proposed all-stock buyout of the bank holding company, meeting the final requirement for the deal to close on Nov. 1.

(-) BlackRock ( BLK ) dropped over 4% after the asset manager Tuesday reported an increase in Q3 revenue to $3.58 billion from $3.51 billion in the year-ago period but still trailing the Capital IQ consensus by around $70 million. It also upstaged better-than-expected non-GAAP Q3 net income of of $7.52 per share, topping the $6.86 per share analyst mean.

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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