FCFS - Coinbase leads week's financial losers while Argentine banks rise the most

2023-06-10 10:29:18 ET

This week's gainers among financial stocks were led by Argentine lenders, while a high-profile cryptocurrency exchange that ran into legal trouble topped the decliners.

Overall, financial stocks (with market cap over $2B) closed out the week ended June 9 in the green, with the Financial Select Sector SPDR ETF ( NYSEARCA: XLF ) advancing 1.1% and outpacing the S&P 500's 0.4% rise .

Grupo Financiero Galicia S.A. ( NASDAQ: GGAL ), +25.3% , Banco BBVA Argentina S.A. ( NYSE: BBAR ), +19.3% , and Banco Macro S.A. ( NYSE: BMA ), +18.4% , notched the biggest gains of financial stocks;

SoFi Technologies ( NASDAQ: SOFI ), the fintech bank known for refinancing student loans, jumped 16.4% , as the White House considered how it will proceed if the Supreme Court strikes down President Joe Biden's student debt cancellation program; and

Navient ( NASDAQ: NAVI ), another student-loan related stock, climbed 12.3% .

The biggest loser was Coinbase Global ( NASDAQ: COIN ), which got sued Tuesday by the Securities and Exchange Commission for allegedly operating as an unregistered securities broker, dropping 17.5% ;

Corebridge Financial ( NYSE: CRBG ), a provider of retirement solutions and insurance products, slumped 7.8% ;

Life and health insurer Brighthouse Financial ( NASDAQ: BHFAM ) dipped 3.9% ;

FirstCash Holdings ( NASDAQ: FCFS ), an operator of retail pawn stores, slipped 3.5% ; and

Investment manager AllianceBernstein ( NYSE: AB ) edged down 3.2% .

Seeking Alpha contributor Kevin George rated COIN as a Sell as the SEC suit "will add further uncertainty to the centralized exchange business model and the coming months could be tough."

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