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Financial stocks that have risen the most this week include two Argentine banks, two regional U.S. lenders and a bitcoin miner (BTC-USD). On the other hand, the five included an insurance company, a payments technology company, two US regional banks and an asset manager greater decliners.
Overall, financial stocks (with market caps over $2 billion) ended the profit-rich week ending January 26 comfortably in the green, with the SPDR Financial Select Sector ETF (NYSEARCA: XLF) up 1.8%outperforming the S&P 500 index Increase of 1.1%..
At the top of the list of winners, Argentina-based lenders Grupo Financiero Galicia SA (NASDAQ:GGAL) and Banco Macro SA (NYSE:BMA) skipped 23.8% AND 17.4%respectively;
Bank of California (NYSE:BANC), which released its fourth-quarter results during the week, posted a gap up by 16.4%;
The Bancorp (NASDAQ:TBBK) accelerated by 11.6% after achieving fourth-quarter revenues that exceeded analysts’ average estimate; AND
Digital Marathon Entries (NASDAQ: MARA), one of the largest corporate holders of bitcoin (BTC-USD), increased by 10.7% as the price of bitcoin made a small gain.
For the losers, the Columbia Banking System (NASDAQ: COLB) fell more, down 18%as the bank’s worse-than-expected fourth-quarter results and disappointing 2024 guidance prompted numerous downgrades from analysts;
In distant second place is property and casualty insurance company Old Republic International Corp. (NYSE:ORI) retreated by 6.6% on lower-than-expected fourth quarter earnings as net premiums and commissions earned decreased and the combined ratio increased;
PayPal (NASDAQ:PYPL) slipped 6.1% as the payments giant was placed in a 30-day downside catalysing phase at Citi;
CVB Financial Corp. (NASDAQ: CVBF) fell by 5.7% on the heels of fourth-quarter earnings that fell short of Wall Street expectations; AND
Invesco (NYSE:IVZ) rounded out the losers with a Loss of 5.2%. after disappointing fourth-quarter revenue.