Here's Why Axos Financial Stock Rallied Despite the Broad Market Decline
The S&P 500 fell more than 1% on Friday, but that didn't keep shares of Axos Financial (NYSE: AX) from rallying. That's because Axos reported results for the first quarter of its fiscal 2021 that crushed expectations. The stock is still down about 11% from 52-week highs (it's been a tough year for bank stocks), but it continued regaining ground, closing 4% higher on Friday.
Had the market not fallen, Axos stock probably would have risen more than 4%. That's because this was a record quarter for the company. It reported net income of $53 million, up 30% year over year. This resulted in diluted earnings per share of $0.88, an increase of 33%. For perspective, this was far better than the EPS of $0.68 expected by analysts.
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Source Fool.com
