Industry update: Financial stocks post outsized gains on Monday

Financial stocks were up in afternoon trading, with the NYSE Financial Index rising 2.9% while the SPDR Financial Select Sector ETF (XLF) was ahead 2.4%.

The Philadelphia housing index climbed 2.5% and the SPDR Real Estate Select Sector ETF (XLRE) was ahead 3.6%.

Bitcoin rose 2% to $19,517, while the yield on 10-year U.S. Treasuries slipped 2.0 basis points to 3.990%.

In company news, Bank of America (BAC) rose 5% after the monetary hub bank reported net profit of $0.81 per share for its third quarter ended Sept. 30, down from compared to $0.85 per share in the same quarter last year, but still topping the Capital IQ consensus call of $0.03 per share. Revenue rose 7.6% from year-ago levels to $24.5 billion, also topping the analyst average of $23.46 billion.

Bank of New York Mellon (BK) also gained 5% after reporting Q3 adjusted earnings of $1.21 per share on Monday, up from $1.09 per share in the same quarter of the year. last and top of the Capital IQ consensus that expects it to earn $1.08 per share. Total revenue increased 6% year over year to $4.28 billion, also topping Street View’s $4.2 billion.

Green Dot (GDOT) fell 1.7% this afternoon, wiping out most of a 9.5% pullback to its lowest share price since December 2015, after the payments processor said on Monday that CEO Dan Henry had been made redundant and that George Gresham, who had served as the company’s chief financial officer and chief operating officer since October 2021, had been chosen to succeed him. Gresham will also continue as chief financial officer and chief operating officer until a permanent successor to these positions is appointed.

You might also like

Comments are closed.