Banking

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

Financial stocks were climbing, with the NYSE Financial Index rising 1.2% while the SPDR Financial Select Sector ETF was climbing 1.5%.

The Philadelphia Housing Index was ahead 2.0%.

In company news, 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 26% 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 almost 1% after the investment bank reported better-than-expected Q2 results, fueled by surging revenue in its trading and investment banking businesses. The bulge-bracket investment bank earned $6.26 per share, improving on $5.81 per share during the same quarter last year and beating the Capital IQ consensus expecting $3.91. Revenue grew year-over-year to $13.3 billion, also topping the $9.76 billion 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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JRJC LRFC GS NWS NWSA

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