Financial Sector Update for 12/31/2019: IDEX,NHLD,DUO

Top Financial Stocks

JPM +0.01%

BAC -0.30%

WFC -0.08%

C +0.16%

USB -0.21%

Financial stocks were narrowly lower in afternoon trading, with the NYSE Financial Index slipping almost 0.1% while the shares of financial companies in the S&P 500 also were falling almost 0.1%. The Philadelphia Housing Index was rising about 0.1%.

Among financial stocks moving on news:

(+) Ideanomics (IDEX) rose 3% after the financial technology company said its Mobile Energy Global group received orders worth up to $24 million to help finance 1,200 last-mile electric delivery vehicles in partnership with GLC and Chinese EV manufacturer Jiangsu AOXIN New Energy Automobile. Ideanomics obtained funding for 500 vehicles during the current quarter ending Tuesday with the remaining 700 vehicles to be produced during the first three months of 2020.

In other sector news:

(+) National Holdings (NHLD) climbed 10% after the financial services company Tuesday reported a $0.06 per share profit for its fiscal Q4 ended Sept. 30, reversing a $0.92 per share net loss during the same quarter last year. Total revenue increased 29% over year-ago levels to $57.4 million. Analyst estimates were not available.

(-) Fangdd Network Group (DUO) declined 1.3% on Tuesday. The Chinese property marketplace said its online platform has expanded to include parking space transactions after it signed agreements with affiliated real estate agents and blockchain technologies provider Shenzhen Jinyiyun to facilitate domestic parking space sales. Some of Fangdd executives and board members are principal shareholders of Shenzhen Jinyiyun, the company said.

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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