Financial Sector Update for 01/28/2022: FICO, V, HOOD

Financial stocks were trending higher, with the NYSE Financial Index rising 0.2% in afternoon trading although the SPDR Financial Select Sector ETF (XLF) was still slipping 0.2%.

The Philadelphia Housing Index also was climbing 0.1% and the SPDR Real Estate Select Sector ETF (XLRE) was ahead 0.9%.

The yield for 10-year US Treasuries was falling 2.3 basis points to 1.784%. Bitcoin was 2.0% higher at $36,995.

In company news, Fair Isaac (FICO) added over 12% after the credit-monitoring company reported non-GAAP net income of $3.70 per share for its fiscal Q1 ended Dec. 31, improving on a $2.74 per share profit during the same quarter in 2020 and topping the Capital IQ consensus by $0.34 per share.

Visa (V) gained 8% after the credit card and electronic payments company reported non-GAAP Q1 net income of $1.81 per share, up from adjusted earnings of $1.42 per share during the year-ago quarter and exceeding the Capital IQ consensus looking for a $1.70 per share profit, excluding one-time items. Net revenue rose 24% to $7.1 billion, also beating Wall Street expectations of $6.8 billion in Q1 revenue.

Robinhood Markets (HOOD) was climbing 5.7%, recovering from a 14% morning decline to a record low of $9.94 a share, after missing analyst estimates with its Q4 results. The online trading platform expects Q1 revenue to be less than $340 million, also trailing $438.7 million 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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