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Financial Sector Update for 08/14/2020: RKT,WFC,BEKE,BAC,CS

Financial stocks were rising in afternoon trading, with the NYSE Financial Index climbing 0.2% while the SPDR Financial Select Sector ETF was ahead 0.5%.

The Philadelphia Housing Index was falling 0.2%.

In company news, Rocket Companies (RKT) was 3.4% higher after the mortgage lender Friday reported its preliminary Q2 financial results, including a more than tenfold increase in non-GAAP net income over the year-ago period to $2.85 billion from just $260 million in adjusted earnings last year. Net revenue also grew year-over-year to $5.04 billion from $938 million.

Wells Fargo (WFC) was 1% higher, overcoming a nearly 2% slide earlier Friday after the Financial Times reported, citing people familiar with the decision, chief compliance officer Mike Roemer was resigning and would be succeeded by Paula Dominick, who previously worked at Bank of America (BAC) and Credit Suisse (CS). The company later confirmed the changes.

KE Holdings (BEKE) was lower in its public markets debut, falling over 9% Friday afternoon, despite the Chinese real estate services firm late Thursday pricing a $2.12 billion initial public offering of 106 million American depositary shares at $20 each, topping the expected $17 to $19 per share price range.

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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