Banking

Financial Sector Update for 08/04/2020: CEQP,TREE,VNO,ARCC

Financial stocks were broadly mixed before Tuesday's closing bell, with the NYSE Financial Index hanging on for a 0.2% advance while the SPDR Financial Select Sector ETF was falling 0.6%.

The Philadelphia Housing Index also was slipping 0.5%.

In company news, Crestwood Equity Partners LP (CEQP) was more than 3% higher in late trade despite reporting a Q2 net loss of $0.68 per share, reversing a $2.58 per share profit during the same quarter last year and missing the Capital IQ consensus expecting a $0.09 per share quarterly loss. Revenue fell 48.3% year-over-year to $352.7 million, also trailing the $495.1 million Street view.

Vornado Realty Trust (VNO) climbed over 6% after the real estate investment trust Monday night said it would be converting the Farley Building in mid-town Manhattan into a "state of the art, mixed-use development" that will include 730,000 square feet of leased office space for Facebook (FB). Vornado late Monday also reported Q2 funds from operations of $1.06 per share, beating the Capital IQ consensus by $0.08 per share.

Ares Capital (ARCC) rose 1.1% after the asset manager Tuesday reported core Q2 net income of $0.39 per share, down compared with $0.49 per share during the year-ago period but still topping the Street expecting $0.38 per share.

To the downside, LendingTree (TREE) tumbled nearly 7% after Tuesday reporting a Q2 net loss of $0.66 per share on a GAAP basis, reversing a $1.01 per share profit during the same quarter last year and missing the Capital IQ consensus expecting a $0.64 per share net loss. Excluding one-time items, it earned $0.46 per share on $184.3 million in revenue, exceeding Wall Street estimates expecting adjusted Q2 net income of $0.15 per share on $181.6 million in revenue.

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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CEQP TREE VNO ARCC

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