Banking
C

Financial Sector Update for 07/14/2020: C,JPM,WFC

Financial stocks were narrowly mixed in afternoon trading, with the NYSE Financial Index rising 0.1% while the SPDR Financial Select Sector ETF was falling 0.3%.

The Philadelphia Housing Index was ahead 1.8%.

In company news, Citigroup (C) was down 2.9% after the bank earlier Tuesday reported a 74% profit decline during its Q2 ended June 30, earning $0.50 per share compared with $1.95 per share during the year-ago period but still beating the Capital IQ consensus by $0.10 per share. Revenue also topped the $19 billion analyst mean, rising 5.4% year-over-year to $19.77 billion.

Wells Fargo (WFC) fell 5.8% after the financial services giant Tuesday swung to a $0.66 per-share net loss for the three months ended June 30 compared with its $1.30 per share profit during the same quarter last year. The consensus compiled by Capital IQ expected a $0.10 per share net loss. Revenue declined to $17.84 billion, also lagging the $18.3 billion analyst mean. It also cut its upcoming dividend by over 80% to $0.10 per share.

JPMorgan Chase (JPM) also turned narrowly lower this afternoon, giving back a 2.4% gain earlier Tuesday that followed the banking giant reporting Q2 net income of $1.38 per share following a 15% year-over-year increase in revenue to $33.8 million and beating the Capital IQ consensus expecting $1.14 per share and $33 billion 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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