Sector Update: Financial Stocks Gaining as Post-Q3 Rebound Continues

Last Updated: Tuesday, October 4, 2022 3:48 PM | MT Newswires

Financial stocks continued to trade higher late in afternoon trading, with the NYSE Financial Index advancing 3.2% and the SPDR Financial Select Sector ETF (XLF) rising 3.4%.

The Philadelphia Housing Index was climbing 3.4% and the SPDR Real Estate Select Sector ETF (XLRE) was ahead 1.2%.

Bitcoin was increasing 2.8% to $20,112, while the yield for 10-year US Treasurys was slipping 3.4 basis points to 3.617.

In company news, Welltower (WELL) fell 1.6% after the real estate investment trust Tuesday said it expects its Q3 normalized funds from operations will likely trail the midpoint of its prior forecast expecting non-GAAP FFO in a range of $0.82 to $0.87 per share. Analysts polled by Capital IQ, on average, are looking for adjusted FFO of $0.74 per share for the three months ended Sept. 30.

To the upside, Realty Income (O) added 1.6% after the REIT late Monday priced a $750 million public offering of its 5.625% senior unsecured notes maturing in October 2032, at about 99.879% of par. The company also executed a $600 million dollar-to-euro cross currency swap for 10 years, with estimated proceeds of about 612 million euros ($619.6 million).

Mastercard (MA) climbed 3.6% after the credit card and payments processor Tuesday said it has launched Crypto Secure to add more security to the digital ecosystem and allow banks and credit card issuers to approve or block digital transactions. The Crypto Secure platform runs on technology from CipherTrace, the cryptocurrency services firm Mastercard acquired last year.

Stewart Information Services (STC) gained 4.8% after the title insurance company Tuesday announced plans to buy FNC Title Services, which specializes in reverse mortgage closings, and has also offered to acquire FNC Title of California, pending approval by state regulators. Financial terms were not disclosed.

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