Markets

Financial Sector Update for 11/07/2017: CADE,VIRT,AAMC

Top Financial Stocks

JPM -2.18%

BAC -2.32%

WFC -2.24%

C -1.51%

USB -2.62%

Financial stocks were ending sharply lower this afternoon, with the NYSE Financial Sector Index falling nearly 0.9% while financial companies in the S&P 500 Index dropping almost 1.5%.

In company news, Cadence Bancorporation ( CADE ) declined Tuesday, falling over 7% at one point today to a session low of $23.66 a share, after last night disclosing plans for a secondary offering of 9.5 million shares of its Class A common stock by its controlling shareholder, Cadence Bancorp LLC.

Following the sale, the selling shareholder's ownership interest in the bank holding company will fall to around 78.3% of its outstanding stock. The seller also issued 30-day warrants to underwriters participating in the upcoming stock sale to buy up to 1.43 million additonal shares to cover potential overallotments.

The bank will not receive any proceeds from the offering.

In other sector news,

(+) VIRT, Excluding one-time items, earns $0.08 per share, down from a non-GAAP profit of $0.20 per share during the year-ago period but still topping the Capital IQ consensus expecting adjusted net income of $0.04 per share. Revenue grew 64.6% to $271.3 million, crushing the $157.4 million Street view.

(-) AAMC, Reports Q3 net loss of $1.38 per share, more than double its $0.67 per share loss during the same quarter last year. Total revenue declines 8.7% from year-ago levels to $4.43 mln from $4.85 mln last year. No analyst estimates were available for comparison.

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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VIRT AAMC CADE

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Banking