Top Financial Stocks
Financial stocks added to their small gains this afternoon, with the NYSE Financial Index climbing over 0.3% in late trade while shares of financial companies in the S&P 500 were climbing almost 0.4%. The Philadelphia Housing Index was rising about 1.4%.
Among financial stocks moving on news:
(+) Banc of California (BANC) declined nearly 4% on Wednesday after saying it will record a $0.54 per share charge against its Q3 financial results because of a bad borrower involved in short-term loans to fund the purchase of liquor licenses in California. The bank said it issued a $35 million loan in November 2017 to ANI Development, which had its assets frozen by the US Securities and Exchange Commission on August 29 after ANI was linked to a $300 million fraud scheme.
In other sector news:
(+) Franklin Resources (BEN) rose over 3% this afternoon. The company reported a preliminary 4.4% drop in assets under management during August compared with the year-ago period, falling to $690.6 billion.
(+) Charles Schwab (SCHW) was nearly 2% higher following reports the discount broker is planning to eliminate about 600 jobs, or roughly 3% of its total headcount. The job cuts will affect all employee grade-levels, a company spokeswoman told Reuters.
(-) Mastercard (MA) declined fractionally Wednesday after the credit card issuer said it was teaming up with enterprise blockchain software firm R3 to develop a new blockchain-powered cross-border payments product. The new product will focus on linking global payments infrastructures and banks with a clearing and settlement network to be operated by the company, Mastercard said.
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