Financial Sector Update for 07/20/2017: JPM, BAC, WFC, C, USB, BX, BK, GOOD

Top Financial Shares:

JPM: +0.1%

BAC: -0.04%

WFC: flat

C: flat

USB: flat

Financial shares were mostly quiet in Thursday’s pre-market trade, tracking the broader market after the European Central Bank decided to leave its monetary policy unchanged, as expected. In economic data news, initial jobless claims fell by 15,000 to a seasonally adjusted 233,000–beating an estimate for 245,000 and a revised 248,000 last week. Continuing claims for July 8 were 1.977 million.

In sector news, The Blackstone Group LP ( BX ) was down 1.1% after it reported Q2 revenue rose 30% to $1.55 billion from the year-ago period and topped the CapIQ mean for $1.47 billion. Net income per diluted share rose 70% to $0.51 with economic net income of $0.59 per share. Forecasts were for GAAP EPS of $0.65 per share and $0.62 normalized. Blackstone declared a Q2 distribution of $0.54 per common unit payable on Aug. 7.

In other sector news,

(+) BK (+0.6%) Q2 results top estimates

(-) GOOD (-6.1%) To sell shares in public offering

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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