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

Financial stocks were finishing near their intraday highs, with the NYSE Financial Index rising 0.9% late in afternoon trading and the SPDR Financial Select Sector ETF (XLF) up 0.3%.

The Philadelphia Housing Index was climbing 1.2%, and the SPDR Real Estate Select Sector ETF (XLRE) was ahead 2.2%.

The yield for 10-year US Treasuries was falling 2.5 basis points to 1.782%, moving in the opposite direction as tech stocks and other growth sectors on Friday. Bitcoin was 3.5% higher at $37,297.

In company news, T. Rowe Price (TROW) fell 1.2% despite the money manager late Thursday reporting adjusted Q4 net income of $3.17 per share compared with its $2.89 per share adjusted profit during the year-ago period and topping the Capital IQ consensus by $0.04 per share. Net revenue rose more than 13% to $1.96 billion, also exceeding the $1.94 billion Street view.

Among advancers, Fair Isaac (FICO) added nearly 16% 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 9.7% 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's expectations of $6.8 billion in Q1 revenue.

Robinhood Markets (HOOD) was climbing 7.7%, recovering from a 14% morning decline to a record low of $9.94 a share, after missing analyst estimates with its Q4 results and projecting revenue for the current quarter also trailing Wall Street expectations. The online trading platform said net revenue for its Q1 ending March 31 is unlikely to top $377.7 million compared with the Capital IQ consensus looking for $438 million in Q1 revenue.

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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