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Financial stocks rising the most this week include two Argentine banks, two US regional lenders, and a bitcoin miner (btc-USD). On the other hand, an insurance company, a payments technology company, two US regional banks and an asset manager were among the five bigger falls.
In all, financial stocks (with a market capitalization of more than $2 billion) closed comfortably in the green in the gain-filled week ending Jan. 26, with the Financial Select Sector SPDR ETF (NYSERCA:XLF) advancing 1.8%outperforming the S&P 500 1.1% increase.
Topping the winners list, Argentina-based lenders Grupo Financiero Galicia SA (NASDAQ:GGAL) and Banco Macro SA (New York Stock Exchange:BMA) leap 23.8% and 17.4%respectively;
Bank of California (New York Stock Exchange: BANK), which during the week published results for the fourth quarter, was left with a gap up to 16.4%;
The Bancorp (NASDAQ:TBBK) accelerated 11.6% after generating fourth-quarter revenue that beat analysts' average estimate; and
Digital marathon entries (NASDAQ: MARÁ), one of the largest corporate holders of bitcoin (btc-USD), rose 10.7% as the price of bitcoin made a small profit.
For the losers, Columbia Banking System (NASDAQ:COLB) was the one that fell the most, falling 18%as worse-than-expected Q4 results and disappointing 2024 guidance prompted multiple analyst downgrades;
In a distant second place, property and casualty insurer Old Republic International Corp. (New York Stock Exchange: ORI) fell 6.6% for weaker-than-expected fourth-quarter earnings, as net premiums and earned rates decreased and its combined ratio increased;
PayPal (NASDAQ:PYPL) fell 6.1% when the payments giant was placed under a 30-day catalytic downside watch at Citi;
CVB Financiera Corp. (NASDAQ: CVBF) fell 5.7% following its fourth-quarter earnings that fell short of Wall Street expectations; and
Invesco (New York Stock Exchange: IVZ) completed the losers with a 5.2% loss after fourth-quarter revenue disappointed.
