By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
9/16/16 Daily & Weekly Closing Analysis – NASDAQ Fintech Index (KFTX)
Giving back. Friday was a slow snooze day and resulted in the NASDAQ fintech index closing down 5.33 points to 1033.58 (-0.51%). Gotta remember to keep a pillow around.
Not much happening within the index either. Only two of the forty nine stocks in the index could muster an intraday move of 3%, one up and one down. RATE fell -3% early and closed with a loss of .15 (-1.95%) while LC closed up .26 (+4.21%). Not only were there muted intraday swings, only two stocks managed a gain or loss of 2 points or more. EFX lost -2.14 to close at 132.21 and WEX finished down -2.06 to 102.87.
So, for the week the KFTX was virtually unchanged (no AAPL in the index) closing up just 4 points, or +.003%. The week had lots of excitement but no real substance. Even though there were a few big (+/ 3%) movers in the index including:
BOFI (22.38) +6.26% (note: Cramer says it’s a short squeeze)
CME (109.65) +3.26%
ENV (36.92) -4.00%
FDC (13.77) +4.24%
HAWK (30.33) -4.74%
LC (6.43) +21.91%
PAY (16.12) -3.24%
PYPL (40.70) +7.24% (note: PYPL is one of Carl Icahn’s 3 largest holdings)
RATE (7.53) -6.23%
SEIC (45.39) +3.50%
SSNC (31.34 -4.42% (note: SSNC sued by former client alleging staff was duped in phishing scam)
TSS (47.06) -3.09%
What’s up for the week ahead? Oh not much UNLESS you care about the Fed and possible interest rate stuff. Have a great week.