Moderate Gains for Financial Stocks Today


Financial stocks were moderately higher today, with the NYSE Financial Sector Index posting a 0.1% increase while financial companies in the S&P 500 Index adding about 0.4%.

In company news, LendingClub Corp (LC) was higher today after analysts at Morgan Stanley Thursday raised the investment call for the specialty consumer lender to overweight from equal weight.

The upgrade follows LendingClub last week announcing the launch of a new vehicle refinance product in California with plans to expand nationally early in 2017. LC shares were up more than 6% at $5.11 each, staying within 6 cents of their Thursday session high.

In other sector news, LNC, (+6.0%) Adjusted Q3 EPS of $1.89 per share beats by $0.28 per share. Revenue falls 5.5% from year-ago levels to $3.53 bln, topping Street view by $100 mln. Increases dividend by 16% to to $0.29 per share. AEL, (-10.6%) Records unexpected Q3 net loss of $0.05 per share, falling $0.63 per share below Capital IQ consensus. Revenue climbs 396.2% over same quarter last year to $630.06 mln, beating the $534.26 mln consensus.