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Four of the five biggest decliners in financial stocks reported a miss in their latest quarterly results this week, while most of the top five climbers were non-U.S.-based companies.
Cincinnati Financial (NASDAQ: CINF), downward 12%fell the most among all financial stocks with a market capitalization of more than $2 billion in the week ended July 29, after the insurer Second quarter earnings and revenue behind Wall Street expectations as loss ratios were high of recent times;
Bread Financial Holdings (NYSE: BFH), formerly Alliance Data Systems, dropped 10%as the credit card issuer also reported a double miss on Q2 EPS and revenue;
OneMain Holdings (NYSE: OMF), which lends to non-core customers, fell 9.9% in the week after the second quarter, earnings and revenue fell short of expectations and market sentiment soured on fears of a recession;
Columbia Financial (NASDAQ: CLBK), down 8.1%, reported second-quarter EPS of $0.22, down from the $0.26 it earned in the year-ago quarter, as it increased its provision for credit losses and revenue other than ‘interests; i
Reinsure RebirthRe (NYSE: RNR) Revenues in the second quarter did not agree; Total fee income for the quarter fell to $34.3 million from $46.2 million a year earlier.
As for the top five gainers, many are non-US banks that could have benefited when the strength of the US dollar eased this week. The shares of Grupo Financiero Galicia (GGAL) of Buenos Aires increased by 27%;
Another Argentine bank, shares of Banco Macro (BMA). rose 26%;
Shares in Scotland-based bank NatWest Group (NWG) have gone public a gain of 13%. for the week;
WSFS Financial (WSFS), headquartered in Wilmington, Delaware, increased by 13% in the same week he got better than expected results; i
Brazil fintech XP Inc. (XP) increased by 13% following a report that it is introducing bitcoin (BTC-USD) and ether (ETH-USD) trading for clients.
In the last five days, the US dollar index fell 0.9% the same week that the Federal Reserve raised its benchmark rate by 75 bp to control inflation.
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