Financial Sector Update for 12/05/2019: BBVA,TD,CM

Top Financial Stocks

JPM +0.36%

BAC +0.32%

WFC -0.11%

C +0.32%

USB +0.24%

Financial stocks were narrowly higher in afternoon trading, with the NYSE Financial Index climbing less than 0.1% while the shares of financial companies in the S&P 500 were rising over 0.2%. The Philadelphia Housing Index was rising almost 0.7%.

Among financial stocks moving on news:

(+) Banco Bilbao Viscaya Argentaria (BBVA) was fractionally higher in Thursday trade and the bank holding company saying the European Central Bank set a Jan. 1 deadline to lower its common equity Tier 1 capital ratio to 9.27% from its current 11.80%. The ECB also wants Banco Bilbao to cut its total capital ratio to 12.77% from the 16.22% found during a recent supervisory review and evaluation.

In other sector news:

(-) Toronto Dominion Bank (TD) slid 2.6% after the Canadian bank company reported adjusted EPS of CAD1.59 during Q4, missing the CAD0.74 per share Street view.

(-) Canadian Imperial Bank of Commerce (CM) fell 4.5% after reporting non-GAAP net income of CAD2.84 per share for its fiscal Q4 ended Oct. 31, down from CAD3.00 during the same quarter last year and trailing the Capital IQ consensus expecting CAD3.06 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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