TD:CC - UWM Holdings tops week's financial winners while First Horizon swoons the most

2023-03-04 10:19:00 ET

This week's top five winners among financial stocks were dominated by a wholesale mortgage company that turned in stronger than expected quarterly revenue, while a regional bank led the five biggest losers as the closing date of a multibillion-dollar deal is expected to be postponed.

All in, financial stocks (with $2B+ market cap) got a boost for the week ended March 3, with the Financial Select Sector SPDR ETF drifting higher by 0.9% . The stock market ( SP500 ), by comparison, climbed 1.90% .

UWM Holdings ( NYSE: UWMC ) took the lead among financial gainers, perking up 15% after posting Q4 sales above Wall Street expectations and delivering improved margin guidance for Q1;

Itaú CorpBanca ( NYSE: ITCB ), a Chile-based provider of wholesale and retail banking services, jumped 12.2% after its controlling shareholder, Itaú Unibanco Holding ( ITUB ) said it plans to buy the rest of ITCB shares it doesn't already own;

Cryptocurrency exchange Coinbase Global ( NASDAQ: COIN ) accelerated 10.4% as it jumped ship from troubled crypto lender Silvergate Capital ( SI ), and acquired digital-asset investment firm One River Digital Asset Management, all while bitcoin ( BTC-USD ) ended the week lower ;

Hong Kong's online brokerage and wealth management platform, Futu Holdings ( NASDAQ: FUTU ), gained 10% ; and

Rocket Companies ( NYSE: RKT ) advanced 9.8% after the online loan platform reported a smaller than expected Q4 loss.

For the five biggest losers, First Horizon ( NYSE: FHN ) led the way, sliding 13.6% , after Canada's TD Bank ( TD ) said it doesn't expect it will receive regulatory OK in time to complete its $13.4B acquisition by May 27;

Brazilian-based financial products company XP Inc. ( NASDAQ: XP ) dipped 11.3% ;

Banco Santander (Brasil) S.A. ( NYSE: BSBR ) retreated 8% ;

Ryan Specialty Holdings ( NYSE: RYAN ), a wholesale insurance broker, slipped 5.9% despite delivering better than expected quarterly results ; and

BRP Group ( NASDAQ: BRP ), down 5.9% , as William Blair pointed out a "lack of progress" in the insurance broker's key operating metrics, downgrading the stock to Market Perform.

Seeking Alpha contributor Stephen Simpson gave FHN a Hold rating as he probed whether the company will renegotiate a closing date .

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