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Financial Sector Update for 06/02/2020: MGI, WU, CSWC, V, XLF, FAS, FAZ

Financial firms were trading higher premarket Tuesday, with the Select Financial Sector SPDR (XLF) up more than 1% recently. The Direxion Daily Financial Bull 3X shares (FAS) were over 2% higher and its bearish counterpart Direxion Daily Financial Bear 3X shares (FAZ) were down more than 2%.

Moneygram International (MGI) was gaining more than 45% after Bloomberg News, citing a person familiar with the matter, reported that Western Union (WU) has made a takeover offer for the company. Neither company would comment, Bloomberg reported. Western Union was advancing by more than 13% recently.

Capital Southwest (CSWC) was declining by nearly 2% even after it reported net investment income of $1.57 per share for the 12 months ended March 31, improving on $1.42 per share in net investment income during the prior year while total investment income grew to $62 million from $51.9 million during its FY19.

Visa (V) was up about 1% after saying in an 8-K filing that it saw a 5% year-over-year decline in total US payments volume in May, a 13 percentage point improvement over April.

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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