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Financial Sector Update for 04/11/2019: GLG,TW,HLNE,CBSH

Top Financial Stocks

JPM +0.80%

BAC +0.19%

WFC -0.18%

C +0.29%

USB +0.43%

Financial stocks still were rising in afternoon trading, including a more than 0.2% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 were climbing nearly 0.5%. The Philadelphia Housing Index was posting a nearly 0.9% advance.

Among financial stocks moving on news:

(+) China Bat Group (GLG) turned lower this afternoon, giving back a 97% morning advance that followed the Chinese micro-credit company late Wednesday saying its Beijing Tianxing Kunlun Technology Ltd subsidiary began a two-year strategic partnership with privately held Liten Group to leverage its Batcar brand and digital platform to provide a unique experience for high-end car rentals.

In other sector news:

(+) Hamilton Lane (HLNE) rose over 5% after Morgan Stanley raised its stock rating for the investment advisor to overweight from equalweight and increased its price target on the company's stock by $12 to $56 a share.

(+) Tradeweb Markets (TW) climbed almost 4% after saying its average daily volume rose to a best-ever $709.1 billion during March, helping the electronic over-the-counter marketplace also post record Q1 volume of $646.6 billion per day.

(-) Commerce Bancshares (CBSH) dropped more than 3% after the bank holding company reported Q1 net income of $0.85 per share, down from $0.88 per share during the year-ago period and missing the Capital IQ consensus by $0.06 per share. Total revenue rose to $324.7 million during the three months ended March 31 from $312.6 million during the same quarter last year but still lagged the $334.6 million analyst mean.

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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