Banking

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.

In This Story

AGNC JPM WEX

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