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.

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