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Financial Sector Update for 08/06/2020: LNC,JLL,RKT

Financial stocks were slipping in afternoon trading, with the NYSE Financial Index dropping 0.3% while the SPDR Financial Select Sector ETF was off by 0.6%.

The Philadelphia Housing Index was climbing less than 0.1%.

In company news, Lincoln Financial Group (LNC) declined more than 8% after the life insurance company reported non-GAAP Q2 net income of $0.97 per share, down from $2.36 per share during the same quarter last year and trailing the Capital IQ consensus looking for a $1.21 per share adjusted profit for the three months ended June 30. Total adjusted operating revenue fell 5.8% to $4.21 billion, also lagging the $4.31 billion analyst mean.

Jones Lang LaSalle (JLL) was down 6.7% after Thursday reporting non-GAAP Q2 net income of $0.71 per share, slipping from a $2.94 per share adjusted profit during the year-ago quarter and missing the Capital IQ consensus expecting the commercial real estate services company to earn $1.03 per share, excluding one-time items. Revenue declined 22.1% year-over-year to $1.83 billion, also trailing the $1.98 billion Street view.

Among gainers, Rocket Companies (RKT) was 10.7% higher in its market debut after the parent company of mortgage lender Quicken Loans and the Rocket Homes, Auto and Mortgage mobile loans platforms late Wednesday priced a $1.8 billion initial public offering of 100 million shares at $18 each, lagging the projected $20 to $22 per share range for the deal.

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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