Financial Sector Update for 04/02/2020: CIT,BRO,LAMR

Top Financial Stocks

JPM +2.22%

BAC +2.00%

WFC +0.94%

C -0.87%

USB +0.75%

Most financial stocks were climbing in afternoon trading, with the NYSE Financial Index rising 1.6% while the SPDR Financial Select Sector ETF was posting a 1.3% advance. The Philadelphia Housing Index was sinking 1.6%.

Among financial stocks moving on news:

(+) CIT Group (CIT) climbed 3.5% after the commercial lender Thursday said it provided the financing for Aria Designs that the North Carolina-based furniture-maker used to buy more than 5 million N95 surgical masks it is giving to frontline medical personnel throughout the state responding to the COVID-19 pandemic. The first masks are expected to arrive in the coming days, CIT said.

In other sector news:

(+) Brown & Brown (BRO) rose 1.9% after the insurance company said it acquired substantially all of North Carolina-based Sterling Group through its dealer services subsidiary. Financial terms were not disclosed.

(-) Lamar Advertising (LAMR) fell 9.2% after the real estate investment trust Thursday slashed its FY20 capital budget, saying it expects to spend around $58 million this year compared with its prior $130 million forecast. The outdoor billboard company also is pausing its acquisition activity and started a hiring freeze as advertising suffers from shelter-in-place orders in most states. Lamar also said it was reviewing its dividend payments during the COVID-19 pandemic.

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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