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What a wild ride it has been in the financial world this week! Some stocks were strutting their stuff, while others felt the sting of the bear. Let’s dive into the action and see who emerged victorious and who was left licking their wounds.
We saw significant movement in the financial sector this week, with a few standouts seizing the spotlight. Two Argentine banks and a U.S. regional bank soared to new heights, while on the other end, a handful of financial giants experienced a rough rollercoaster ride.
The stars of the uptrend included Grupo Financiero Galicia S.A. (NASDAQ:GGAL) and Banco Macro S.A. (NYSE:BMA), Argentine lenders that dazzled the market with impressive gains of 23.8% and 17.4%, respectively. Joining them were Banc of California (NYSE:BANC), which posted robust Q4 results and surged up 16.4%, and The Bancorp (NASDAQ:TBBK), racing ahead with an 11.6% acceleration after topping revenue estimates.
Meanwhile, Marathon Digital Holdings (NASDAQ:MARA), a major holder of bitcoin, also rode the wave and achieved a 10.7% increase alongside the cryptocurrency’s modest upturn.
However, not everyone could be a winner, and some big names experienced a downturn. Columbia Banking System (NASDAQ:COLB) suffered the most, reporting a decline of 18% due to disappointing Q4 results and a tepid 2024 outlook that led to multiple analyst downgrades.
Following behind was Old Republic International Corp. (NYSE:ORI), which experienced a 6.6% retreat due to lackluster Q4 earnings. Additionally, PayPal (NASDAQ:PYPL) stumbled 6.1% after being placed on a downside 30-day catalyst watch at Citi.
CVB Financial Corp. (NASDAQ:CVBF) also felt the heat, recording a 5.7% drop following Q4 results that missed the mark, while Invesco (NYSE:IVZ) closed out the losers’ list with a 5.2% loss after disappointing Q4 revenue.
Ultimately, the financial sector, with a market cap in excess of $2 billion, concluded the action-packed week ending on January 26 on a positive note, witnessing the Financial Select Sector SPDR ETF (NYSEARCA:XLF) surge 1.8%, outperforming the S&P 500’s 1.1% rise. It was a tumultuous ride, but as the dust settled, there were both champions and casualties in the markets.