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Financial Sector Update for 07/15/2020: HRB,JRJC,CPTA,GS

Financial stocks continued to advance in afternoon trading, with the NYSE Financial Index rising 1.6% while the SPDR Financial Select Sector ETF was climbing 2.1%.

The Philadelphia Housing Index also was ahead 2.5%.

In company news, H&R Block (HRB) added more than 12% after Northcoast Research Wednesday raised its investment recommendation for the tax preparation chain to buy from neutral previously and also setting a $20 price target for the company's stock.

China Finance Online Co. (JRJC) shares raced as much as 330% higher, touching its best share price since December 2016 at $31.40, after the online brokerage Wednesday announced a partnership with financial news and data service company Dow Jones. Under terms of the new agreement, Dow Jones will provide the company with a sub-set of its Chinese language newswire service, including market commentary and spot news in Chinese.

Capitala Finance (CPTA) climbed more than 42% after the specialty lender said late Tuesday it has received more than $51.1 million in debt repayments from its portfolio companies during Q2, including $17.8 million from Flavors Holdings following its acquisition by Whole Earth Brands and $13.1 million from the wind-down of its Capitala Senior Loan Fund II joint venture. It finished Q2 with $95.2 million in cash.

Goldman Sachs (GS) rose 1.5% after reporting better-than-expected Q2 results, with the bulge-bracket investment bank earning $6.26 per share on $13.3 billion in revenue during the three months ended June 30. Analysts, on average, had been expecting a $3.91 per share profit on $9.76 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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