Financial Sector Update for 02/18/2020: LM, BEN, ATH, HSBC, JPM, BAC, WFC, C, USB

Top Financial Stocks:

JPM: -0.31%

BAC: -0.57%

WFC: -0.93%

C: -0.62%

USB: Flat

Financial majors were mostly lower pre-market Tuesday.

Stocks moving on news include:

(+) Legg Mason (LM), which was surging more than 23% after Franklin Resources (BEN) announced a deal to acquire the company for $50 per share in an all-cash transaction that values the asset manager at about $4.5 billion. Franklin Resources was up more than 13% in recent trading.

(+) Athene Holdings (ATH) was advancing by more than 4% after it reported Q4 adjusted operating EPS of $2.21, up from $1.23 a year earlier and higher than the $1.68 average estimate of analysts polled by Capital IQ.

(-) HSBC (HSBC) was slipping more than 4% after the bank reportedly said it is reducing its global workforce by 15% over the next three years to cope up with declining profits. Media reports said the bank will slash 35,000 jobs, more than the 10,000 jobs that analysts had expected. According to HSBC, its 2019 profit before tax declined 33% year-over-year to $13.3 billion.

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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