Banking

Financial Sector Update for 07/24/2020: OCFT,AXP,ETFC

Financial stocks were moderately lower in afternoon trading, with the NYSE Financial Index dropping 0.6% while the SPDR Financial Select Sector ETF was falling 0.3%.

The Philadelphia Housing Index also was sinking 0.2%.

In company news, OneConnect Financial Technology (OCFT) declined just over 8%. The company said Yuxiang Huang resigned effective Aug. 22 as an executive vice president at the company for personal reasons, according to a new regulatory filing. It did not name an immediate successor.

American Express (AXP) was more than 1% lower after the credit card issuer reported a 29% decline in Q2 revenue compared with year-ago levels, falling to $7.68 billion and missing the Capital IQ consensus expecting $8.25 billion in revenue for the three months ended June 30.

E*Trade Financial (ETFC) also fell about 0.5%. The discount broker late Thursday said it earned $0.88 per share during its Q2 ended June 30, down from $0.90 per share during the same quarter last year but still beating the Capital IQ consensus looking for a $0.77 per share Q2 profit. Revenue increased to $716 million from $685 million last year, also exceeding the $677 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.

In This Story

OCFT AXP

Latest Personal Finance Videos

Developing a Student Loan Repayment Plan Once Forbearance Ends on May 1

Jan 07, 2022

MTNewswires

Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

Learn More