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This week’s biggest financial gainers run the gamut of subsectors and geographies, with a mortgage servicing stock climbing the most, but China-based fintech and a Latin American neobank also notched big gains.
The biggest financial decliners include a private equity stalwart, a fintech payments pioneer, a Netherlands-based insurer, and a Swiss bank that’s been struggling to get past a string of scandals.
Mr. Cooper (NASDAQ:COOP), +29%, rose the most of financial stocks (with market cap over $2B) for the week ended Feb. 11. On Friday, alone, the mortgage servicer rose 19% after Q4 earnings beat consensus by a wide margin, its board bolstered its stock buyback program, and the company’s mortgage servicing platform will be integrated into a cloud-native core and licensed to other servicers in a deal with fintech Sagent;
Shanghai-based Lufax Holding (NYSE:LU) climbed 23% for the week;
Nu Holding (NYSE:NU), which operates as neobank in Mexico, Brazil, and Colombia, jumped 16%;
Marathon Digital (NASDAQ:MARA) rose 15% in a week when bitcoin (BTC-USD) ended up ~5% amid a choppy market; and
Peru-based Credicorp (NYSE:BAP) advanced 14%.
On the flip side, private equity firm KKR (NYSE:KKR) experienced the biggest drop, falling 12% in the week it posted better-than-expected earnings; its asset management Q4 total investment income, though, dropped from the prior quarter and a year ago.
For the second week in a row, PayPal (NASDAQ:PYPL) was among the financial stocks falling the most, sliding 8.6%;
Netherlands-based insurer Aegon (NYSE:AEG) slipped 7.9% in the week that it reported Q4 earnings as it aims to reach its cost savings goals;
Janus Henderson (NYSE:JHG) fell 7.4% in the week after the stock was downgraded to Underperform from Outperform at CLSA; and
Credit Suisse (NYSE:CS) declined 7.2% as the company said restructuring costs and lower revenue will hurt its 2022 results.
SA contributor Mare Evidence Lab says valuation is less important than earnings for Credit Suisse.
