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Credit Suisse leads week’s financial losers, while OneMain dominates the winners

by Index Investing News
October 29, 2022
in Financial
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This week’s five top decliners in financial stocks featured three depository institutions, two of which were Brazilian. On the flip side, the five biggest gainers included firms scattered across different industries of the sector ranging from financial services to investment banking.

Credit Suisse (NYSE:CS) slid the most among financial stocks in the week ended October 28. The Swiss lender saw its stock drop 16.7% after it announced its highly-anticipated restructuring plan that had investors wary. The bank also posted a Q3 net loss mostly due to the reassessment of deferred tax assets as a result of its strategic review.

Brazilian lender Banco Santander (NYSE:BSBR) took the second slot, retreating 13.5%, after it reported Q3 results;

Columbia Financial (NASDAQ:CLBK) fell 12.2% but remained elevated by 3.6% in the past year,

Chinese personal financial services platform Lufax Holding (NYSE:LU), down 12%, dipped after China’s Q3 GDP lagged the government’s full-year target and Xi Jinping secured a third five-year term as head of the Communist Party; and

Banco Bradesco (NYSE:BBD), another Brazilian bank, decreased 10%.

For the winners, OneMain (NYSE:OMF), a consumer finance and insurance company, experienced a 23.6% jump after its Q3 earnings strengthened from net interest income growth;

Flagstar Bancorp (NYSE:FBC) accelerated 21.3% after the lender and New York Community Bancorp (NYSE:NYCB) both received approval from the Office of the Comptroller of the Currency for NYCB’s acquisition of FBC;

PennyMac Financial Services (NYSE:PFSI), which specializes in mortgage banking and investment management activities, ascended 20.1% following stronger-than-expected Q3 earnings and revenue;

MSCI (NYSE:MSCI), a provider of financial data analytics, research and market indexes, gained 18.1% after Q3 results topped Wall Street expectations; and

Raymond James Financial (NYSE:RJF), up 18.1%, climbed after its fiscal Q4 earnings beat.

Earlier in the week, (Oct. 27) Q3 GDP grows 2.6%, topping consensus, PCE price index growth slows to 4.5%.



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