A Chinese financial services company climbed the most of financial stocks in the past week, while an investment information and services firm was the biggest loser.
Meanwhile, financials stocks (with market cap of over $2B) edged down for the earnings-packed week ended April 28, with the Financial Select Sector SPDR ETF (XLF) slipping 0.2%, trailing the S&P 500’s 0.9% rise, amid renewed concerns about the regional banking sector.
TOP Financial Group (NASDAQ:TOP), a Hong Kong-based online brokerage, surged the most this week, +1,628.6%, as traders rushed to a number of low-float Chinese financial services stocks;
New York Community Bancorp (NYSE:NYCB) came in at a distant second, accelerating 18.5%, as the lender that acquired certain assets and liabilities of Signature Bank last month delivered favorable first-quarter results;
Bitcoin (BTC-USD) miner Riot Platforms (NASDAQ:RIOT) advanced 13.7% as bitcoin over the last five sessions erased the bulk of its losses in the prior week.
UWM Holdings (NYSE:UWMC), a wholesale mortgage company, gained 13%; and
Valley National Bancorp (NASDAQ:VLY) rose 9.2% as investors weighed the bank’s worse-than-expected Q1 earnings.
The financial stocks that fell the most this week were led by Morningstar (NASDAQ:MORN), slumping 14.1%, after the investment and information services firm’s disappointing Q1 results;
Bancolombia S.A. (NYSE:CIB) dropped 11.8% as Bank of America downgraded the Colombian lender against a backdrop of a “fragile” political and economic outlook.
Atlantic Union Bancshares (NYSE:AUB), down 11.7%, tanked on weaker-than-expected top and bottom lines;
Investment banking advisory firm Moelis & Company (NYSE:MC) retreated 11.5% after falling short on Q1 earnings estimates; and
MSCI (NYSE:MSCI) also dipped 11.5% after the index provider turned in Q1 operating revenue below Wall Street expectations.
More on Bank Earnings
TOP Financial tops week’s financial winners, while Morningstar falls the most
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