Financial Sector Update for 08/05/2020: UFCS,SQ,PLMR,OCFT

Financial stocks were rising in afternoon trading, with the NYSE Financial Index climbing 1.2% while the SPDR Financial Select Sector ETF was ahead by 1.4%.

The Philadelphia Housing Index also was 1.3% higher this afternoon.

Stocks moving on news include United Fire Group (UFCS) rising 5.6% after the property and casualty insurer Wednesday reported a non-GAAP Q2 net loss of $0.26 per share, narrowing its $0.59 per share adjusted loss during the same quarter last year and beating the Capital IQ consensus by $0.01 per share. Total revenue slipped 2.1% compared with year-ago levels to $297.8 million but also exceeded the $291.8 million analyst mean.

Square (SQ) advanced 7% on Wednesday after the digital payments firm reported a surprise Q2 profit, earning $0.18 per share during the three months ended June 30, excluding one-time items, to beat the Capital IQ consensus expecting a non-GAAP net loss of $0.05 per share. Revenue increased 64% over year-ago levels to $1.92 billion, also topping the $1.13 billion Street view.

Palomar Holdings (PLMR) climbed 3.4% after the property insurance company late Tuesday reported non-GAAP Q2 net income of $0.52 per share, up from $0.36 per share during the year-ago period and beating the Capital IQ consensus expecting a $0.49 per share adjusted profit.

OneConnect Financial Technology (OCFT) also was adding nearly 3% in late trade after Wednesday saying it was partnering Swiss Reinsurance Company to process auto insurance claims for European drivers by combining its Smart Claims artificial intelligence platform with Swiss Re's risk expertise. OneConnect late Tuesday also reported a Q2 net loss of RMB0.32 per share, improving on an RMB0.36 per share loss during the year-ago period while revenue increased 48.4% year over year to RMB774 million.

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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