Sector Update: Financial Stocks Experience Late Uptick, Leaving Sector Little Changed Near Close

Wednesday, January 13, 2021 3:51 PM | MT Newswires

Financial stocks turned narrowly mixed in late-afternoon trading, with the NYSE Financial Index down fractionally while the SPDR Financial Select Sector ETF was up slightly.

The Philadelphia Housing Index also was dropping 0.5%.

In company news, Repay Holdings (RPAY) dropped 3% after the payments processing company late Tuesday disclosed plans for a $130 million public offering of its class A common shares and a concurrent $350 million private placement of convertible senior notes due 2026. It expects to use net proceeds from the upcoming stock sale and notes offering to repay existing debt and other general corporate purposes, including working capital, securities buybacks, future acquisitions and payouts owed from previous transactions.

IHS Markit (INFO) declined 1.3% after the financial data services company Wedenesday reported a 1.2% decline in fiscal Q4 revenue compared with year-ago levels, falling to $1.107 billion during the three months ended Nov. 30 and trailing the Capital IQ consensus expecting $1.112 billion.

Marathon Patent Group (MARA) tumbled almost 13% after the cryptocurrency mining company announced plans for a $250 million direct offering with several institutional investors of 12.5 million of its common shares priced at $20 apiece, or 23.5% under Tuesday's closing price. Marathon overnight also filed a registration statement for the potential sale of up to $300 million in securities.

Among gainers, Visa (V) rose fractionally after the credit card issuer said it would continue to work with fintech startup Plaid on "complementary" business opportunities despite the companies late Tuesday mutually scrapping their proposed $5.3 billion merger following the deal running into an anti-trust legal roadblock at the US Department of Justice. In a conference call with analysts, Visa CEO Al Kelly said there remain ways to create a more meaningful commercial agreement with Plaid and "we'll be discussing them with them."

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