By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
9/2/16 Daily Analysis & Weekly Roundup – NASDAQ Fintech Index (KFTX)
Fintech, fintech fintech. This could be the ultimate robo-writing news update. Yup, the NASDAQ fintech index (KFTX) jumped again on Friday closing the day and week at 1054.73. Today’s (Friday’s) gain was +4.29, or +0.41%. Which, by the way, is yet another new year’s high and up +5.47% since inception (remembering the index just launched on July 18th).
The overall market settled down after the August NFP report into a typical pre-Labor Day snooze. Only three stocks out of the index’s forty nine managed a +/– 3% intraday move: BOFI closed up +1.94% after being up over that 3% threshold early on, FDC added $.46 and finished up +3.30% BUT, the big mover, PAY dropped $3.29 or -16.37%. Ouch! The company issued a dismal 4th quarter guidance which caused the “right-on-top-of-it” analysts to downgrade the stock. The only big point movers today were FICO (+2.41), MKTX (+3.01) and PAY (-3.29….see above).
For the week, the KFTX was up +10.28 (+1%) again making fintech the hot space to be in. Big movers on the week include:
ACIW (+.95; +4.58%)
ADS (+10 points; +5.61%)
FDC (+1.18; +8.52%)
FICO (+5.35; +3.57%)
PAY (-2.72; -13.40%)
RATE (+.24; 3%)
SSNC (+1.34; +4.17%)
TRI (+.90; +3.08%)
TSS (+2.3; +4.89%)
VIRT (- 1.13; -6.36%)
WEX (+ 4.57; +4.69%)
Sorry PAY, gotta get your act together.
Another good week. Another good month. Have a great Labor Day weekend.