Two Chinese fintech and a U.S. fintech dominated the biggest financial gainers this week as the financial sector essentially treaded water and the broader S&P 500 edged up 1%. The biggest decliners were all companies that reported earnings during the week.
Hong Kong-based Futu Holdings (NASDAQ:FUTU) jumped 26% in the week ended July 28, making it the stock that logged the biggest increase among financial stocks with market cap over $2B. Chinese tech stocks rallied on Friday as Beijing signaled some willingness to enact policies to support tech growth.
Shanghai-based Lufax (NYSE:LU) climbed 20%;
S&P Global (NYSE:SPGI) lost 7.4% after its Q2 adjusted EPS fell short of the average analyst estimate and it reaffirmed full-year guidance; and
Cullen/Frost Bankers (CFR) fell 7.1% even though its Q2 GAAP EPS and revenue beat consensus estimates. Management said in the earnings call that they’re not projecting much growth in deposits for the second half of the year, “so that obviously will have some impact on net interest income.”
More on Financial Earnings:
- Cincinnati Financial rises after Q2 results beat on higher insurance underwriting profits
- Principal Financial stock falls 5% on Q2 earnings miss amid pressured net inflows
- Franklin Resources fiscal Q3 profit rises as net flows turn positive
- T. Rowe Price Q2 results top consensus as market gains help offset outflows