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Fintech, payment-related stocks sink on tech slide, credit concern

Oct. 08, 2018 1:31 PM ETBlock, Inc. (SQ) StockMA, AXP, FI, DFS, V, WP, PYPL, IPAY, SQ, FINXBy: Liz Kiesche, SA News Editor44 Comments
  • With the technology sector dropping, a bearish analyst note on Square (SQ -10.8%), and concern over how much longer consumer credit will be profitable, the fintech and payment sectors are taking a hit.
  • Global X FinTech Thematic ETF (NASDAQ:FINXsinks 4.1%; Square (SQ -10.8%) is its biggest holding; also includes PayPal (PYPL -4.8%), First Data (FDC -2.9%), and Fiserv (FISV -1.6%).
  • PureFunds ISE Mobile Payments ETF (NYSEARCA:IPAYslumps 3.1%; it includes Mastercard (MA -3.8%), Visa (V -3.1%), Paypal, American Express (AXP -1%), Square, Fiserv (FISV -1.6%), Worldpay (WP -3.2%), and Discover Financial (DFS -0.5%), among others.
  • While credit-card companies earn more from their floating-rate loans as interest rates rise, their stocks aren't reflecting a rosy outlook, Aaron Back writes in the Wall Street Journal's Heard on the Street column. The upshot: It makes sense to be cautious with credit-card stocks this late in the economic cycle.
  • Previously: Two analyst takes on Square--one rosy, one not (Oct. 8)
  • Previously: Goldman is said to reduce Marcus lending goal for 2019: Bloomberg (Oct. 8)

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