Sector Update: Financial Stocks Continue to Weaken Ahead of Wednesday Close

Last Updated: Wednesday, May 12, 2021 3:38 PM | MT Newswires

Financial stocks extended their slide in afternoon trading, with the NYSE Financial Index Wednesday dropping 1.2% while the SPDR Financial Select Sector ETF was off 1.2%.

The Philadelphia Housing Index also was falling 5.4% and the SPDR Real Estate Select Sector ETF was down 2.1%.

In company news, OneConnect Financial Technology (OCFT) climbed 6% after the Chinese technology-as-a-service company reported a Q1 net loss of RMB0.83 per American depository share, paring its RMB1.20 per ADS net loss during the year-ago quarter while revenue rose 41.1% year-over-year to RMB820 million.

Upstart Holdings (UPST) rose 3.1% after reporting better-than-expected Q1 financial results and the lending platform company projecting Q2 and FY21 revenue also exceeding Wall Street expectations.

To the downside, Lemonade (LMND) dropped 18% after the property and casualty insurance company reported a Q1 net loss of $0.81 per share, improving on a $3.16 per share loss during the March quarter last year but still missing the Capital IQ consensus expecting a $0.78 loss per share net loss.

SelectQuote (SLQT) tumbled 21% after the insurance e-commerce platform reported net income of $0.22 per share for its fiscal Q3 ended March 31, up from $0.17 per share during the same quarter last year but still trailing the Capital IQ expecting a $0.24 per share profit.

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