Banking

Financial Sector Update for 08/03/2020: HSBC, L, GPN, AMZN, XLF, FAS, FAZ

Financial firms were gaining in Monday's pre-bell trading as the Select Financial Sector SPDR (XLF) was 0.54% higher recently. The Direxion Daily Financial Bull 3X shares (FAS) were more than 1% higher and its bearish counterpart Direxion Daily Financial Bear 3X shares (FAZ) were down 0.78%.

HSBC Holdings (HSBC) was slipping past 5% after reporting net income of $0.10 per diluted share for the first half of 2020, down sharply compared with a gain of $0.42 in the same period a year earlier.

Loews (L) was retreating by more than 5% as it swung to a net loss of $2.96 per share in Q2 from earnings of $0.82 per share in the comparable 2019 period.

Global Payments (GPN) was advancing by more than 4% as it reported a net income of $1.31 per adjusted share in Q2 versus net income of $1.51 a share in the year-earlier quarter. Analysts polled by Capital IQ forecast a net income of $1.2 per share for Q2. Separately, the company said it signed a multi-year collaboration agreement to provide a cloud-based issuer processing platform to financial institutions with Amazon.com's (AMZN) Amazon Web Services.

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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