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Financial Sector Update for 06/25/2020: HLI,ALLY,FDS

Financial stocks were climbing in afternoon trading, with the NYSE Financial Index rising 1.2% while the SPDR Financial Select Sector ETF was climbing 1.7%.

The Philadelphia Housing Index was slipping 0.8%.

In company news, Houlihan Lokey (HLI) was 1.7% lower after the investment banking firm Thursday announced its planned purchase of independent advisory firm MVP Capital for an undisclosed amount. It is expecting to close on the deal during the next quarter ending Sept. 30, subject to regulatory approvals and other conditions.

FactSet Research Systems (FDS) climbed 15% after the financial data company reported non-GAAP net income of $2.86 per share during its Q3 ended May 31, up from a $2.62 per share adjusted profit during the same quarter last year and easily beating the Capital IQ consensus looking for $2.44 per share. It also raised its FY20 earnings guidance above the Street view by $0.80 over its prior outlook to a new range of $10.40 to $10.60 per share compared with the analyst mean expecting $10.00 per share this year.

Ally Financial (ALLY) rose 8.5% after the lender said it has mutually agreed to terminate its proposed acquisition of Cardworks from Cardholder Management Services, citing the COVID-19 pandemic and its impact on the global markets and economies.

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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