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Financial Sector Update for 08/03/2020: GPN,AMZN,TD,TD.TO,FTAC,PAYA,HSBC

Financial stocks were higher in afternoon trading, with the NYSE Financial Index climbing 0.3% while the SPDR Financial Select Sector ETF was ahead 0.7%.

The Philadelphia Housing Index was posting a 1.0% gain.

In company news, Global Payments (GPN) was 1.1% higher after the payments company announced a multi-year collaboration agreement with Amazon (AMZN) Web Services to provide cloud-based issuer processing services to financial institutions. The company also said Toronto-Dominion Bank (TD) has renewed its multi-year agreement with Global Payments' TSYS unit for a number of processing and support services. Financial terms of either contract were not disclosed.

FinTech Acquisition III (FTAC) fell less than 1% after the blank-check entity Monday said it will merge with privately held payments processor Paya through a transaction valuing the combined companies at around $1.3 billion. CEO Jeff Hack and other Paya executives will continue in their currents roles and private-equity investors GTCR will remain Paya's largest shareholder after the deal closes and the stock begins trading under the PAYA ticker symbol.

HSBC Holdings (HSBC) dropped 3.8% after the UK-based financial services giant earlier reported a $0.10 per share profit for the first half of 2020, down from $0.42 during the same period last year, while revenue fell year-over-year to $26.75 billion from $29.37 billion. The first-half results still beat Wall Street forecasts, however, by $0.05 per share and $940 million, respectively.

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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