By Bill Taylor-CEO, Fintegration/FintekNews & CIO, TLC Capital Group
8/31/16 Analysis - NASDAQ Fintech Index (KFTX)
A pause. A generally ‘soft’ market on the last day of the month resulted in the NASDAQ fintech index finishing virtually unchanged at 1046.64, down -.62 or -0.006%. For the month the index rose a touch over 28 points, or +2.8%. So far fintech is the place to be.
So on this last day of August were was all the ‘action’? Well let’s see. Out of all the forty nine stock in the index only three had a + - 3% intraday move; BOFI finishing down -$.58 (-2.63%), FDC closing up +$.47 (+3.49%) and VIRT off -$.46 (-2.74%). Why? Well, FDC rallied on news Jeffries initiated a “buy” recommendation with a price target of $16.50. The other two? No news so ”just because”.
Other big movers (+2) include ADS (+3.88) and ICE (+2.06).
Tomorrow is September and this Friday will bring NFP numbers. Early call is +180K vs. +255K prior. Tomorrow likely a snooze.