Financial Sector Update for 10/18/2019: INFO,STT,CLPS

Top Financial Stocks

JPM +0.50%

BAC +0.21%

WFC +0.87%

C +0.35%

USB +0.74%

Financial stocks were advancing in afternoon trading, including a 0.3% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 were climbing over 0.4%. The Philadelphia Housing Index was rising about 0.3%.

Among financial stocks moving on news:

(+) IHS Markit (INFO) rose fractionally after the financial data company Friday said for the first time it will declare a quarterly cash dividend in January, with payment due in February. The company also authorized a new $2.5 billion stock buyback program, replacing its existing plan that was set to expire on Nov. 30 and had $506.7 million remaining for share repurchases.

In other sector news:

(+) State Street (STT) was climbing more than 5% after the custodian bank reported non-GAAP Q3 net income of $1.51 per share, down from $1.87 per share during the same quarter last year but still topping the Capital IQ consensus by $0.11 per share. Total revenue fell 3% from year-ago levels to $2.9 billion, also beating the $2.86 billion Street view.

(+) CLPS Inc (CLPS) rose over 2% in Friday trade. The Chinese financial technology services firm said its adjusted profit for the second half of its FY19 ended June 30 fell to $0.08 per share compared with a $0.09 per share non-GAAP profit during the year-ago period. Analyst estimates were not available.

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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