Top Financial Stocks
Financial stocks still were moderately lower in late trade, including a slightly more than 0.2% drop for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling almost 0.4%. The Philadelphia Housing Index was falling just over 0.3%.
In economic news:
Economic data was largely bullish Thursday, including first-time unemployment claims falling to 49-year during the seven days ended Sept. 1, dropping by 10,000 from the prior week to 203,000 initial claimants. Private employers added 163,000 new jobs during August, slipping compared with a downwardly revised 217,000 new hires in July and also lagging the Econoday consensus expecting the private sector to add 182,000 employees last month.
Service-sector data also was mixed, with the purchasing managers' index falling to a 54.2 final reading for August from the 55.2 preliminary reading a few weeks ago and also lagging the 56.0 score registered in July. But in a similar survey by the Institute for Supply Management reported a 2.8-point increase in its August index to a 58.5 reading over the prior month for nation's non-manufacturing sector, also topping the 56.8 consensus view for the month. Q2 non-farm productivity also grew 2.9% while unit labor costs declined 1.0% from the first three months in 2018. Factory orders slid a greater-than-expected 0.8% in July, although orders increased 0.2% when the transportation sector was excluded.
Among financial stocks moving on news:
(-) Jupai Holdings ( JP ) dropped to a new 52-week low on Thursday, slumping over 21% to its lowest share price since August 2017 at $9.87 per American depositiory share, after reporting a decline in adjusted Q2 net income from year-ago levels despite a small uptick in company revenue. Excluding one-time items, the Chinese asset manager earned RMB3.28, or about $0.50, per ADS during the three months ended June 30, down from its RMB3.72 per ADS non-GAAP profit reported during the same quarter last year. Revenue grew 1.6% year over year to RMB443.6 million. Analyst estimates were not available for comparison.
In other sector news:
(+) Banco Macro SA ( BMA ) surged on Thursday, climbing as much as 13%, after the Argentine bank company disclosed in a regulatory filing it recently re-purchased 704,654 of its Class B common shares, paying just under $2.8 million (106,170,542 pesos) overall, or about $3.97 (150.67 pesos) per share.
(+) Monroe Capital ( MRCC ) was narrowly higher in recent trading, swinging in tight range either side of its breakeven mark, after late Wednesday pricing a $60 million public offering of its 5.75% notes maturing in October 2023 at 100% of their principal amount. The specialty finance company is expecting to pocket around $57.7 million in net proceeds after paying underwriter discounts and other offering expenses, which it plans to use to invest in portfolio companies and other general corporate purposes.
(-) First Hawaiian ( FHB ) was down almost 1% Thursday afternoon, extending its session-long decline that followed the bank holding company pricing a $577 million secondary offering of 20 million shares of its common stock previously held by affiliates of BNP Paribas at $28.85 apiece, or just 0.6% discount from Wednesday's closing price for the company's stock. First Hawaiian did not receive any proceeds from the offering.
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