Financial Sector Update for 08/15/2019: STNE,NETE,BX,AEG

Top Financial Stocks

JPM +0.35%

BAC -0.28%

WFC -1.07%

C -0.12%

USB +0.37%

Financial stocks were finishing with moderate gains Thursday afternoon, paring a portion of their prior advance. At last look, the NYSE Financial Index was rising nearly 0.5% while shares of financial companies in the S&P 500 were climbing almost 0.4%. The Philadelphia Housing Index also was ahead just over 0.2%.

Among financial stocks moving on news:

(-) StoneCo (STNE) tumbled over 9% on Thursday despite breezing past Wall Street estimates with its Q2 financial results. Excluding one-time items, the Brazilian electronic payments processor earned BRL194 million during the April-to-June reporting period, up 173% over the same quarter last year and topping the Capital IQ consensus by BRL2.5 million. Revenue increased 69% year over year to BRL586.2 million, also beating the BRL567.3 million analyst mean.

In other sector news:

(-) The Blackstone Group (BX) was fractionally lower in late trade after the asset manager said it signed a nonbinding letter of intent to acquire a technology park in Bengaluru, India, from Coffee Day Enterprises for up to $421 million.

(-) Net Element (NETE) slid over 1% this afternoon, giving back a nearly 3% morning advance that followed the financial software firm reporting a surprise non-GAAP Q2 profit of $0.11 per share, reversing a $0.22 per share net loss during the year-ago period and beating the Capital IQ consensus expecting a normalized net loss of $0.27 per share. Net sales were little changed at $16.5 million, also topping the $15.8 million Street view.

(-) Aegon (AEG) dropped 7.5% on Thursday to a 35-month low of $3.79 a share after the Dutch life insurance company earned EUR0.30 per share on a GAAP basis during the first six months of 2019, improving on a EUR0.24 per share profit during the comparable year-ago period and trailing the Capital IQ consensus by EUR0.09 per share.

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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