Financial Sector Update for 03/04/2020: AGNC,JPM,WEX,HIIQ

Top Financial Stocks

JPM +1.83%

BAC +1.42%

WFC +1.38%

C +2.74%

USB +0.66%

Financial stocks were climbing in late Wednesday trade, with the NYSE Financial Index rising 2.0% while the SPDR Financial Select Sector ETF was ahead 2.6%. The Philadelphia Housing Index was adding over 3.9% in value.

Among financial stocks moving on news:

(+) AGNC Investment (AGNC) climbed 2% after the real estate investment trust Wednesday received a Wedbush upgrade to outperform from neutral previously. The Wedbush analysts also increased their price target for the company's shares by $1 to $20.25 apiece.

In other sector news:

(+) JPMorgan (JPM) rose 2% after the financial services giant reportedly is asking about 10% of its US consumer bank employees to work from home amid COVID-19 worries, sources told Bloomberg News.

(-) WEX (WEX) was fractionally lower in late Wednesday trade after the corporate card payments processor reduced its Q1 revenue outlook by 2% to 3% from its prior forecast expecting between $445 million to $455 million due to the impact of the COVID-19 outbreak. Wall Street is projecting $446.7 million in revenue at the company during the current quarter ending March 31.

(-) Health Insurance Innovations (HIIQ) slid over 8% after late Tuesday projecting non-GAAP FY20 net income in a range of $3.10 to $4.15 per share on between $290 million to $350 million in revenue, trailing the Capital IQ consensus looking for adjusted FY20 profit of $4.72 per share on $426.7 million in 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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