Sector Update: Financial Stocks Rally as Omicron Worries Ease

Last Updated: Tuesday, December 7, 2021 3:54 PM | MT Newswires

Financial stocks were finishing near their Tuesday peaks this afternoon, with the NYSE Financial Index rising 2.0% while the SPDR Financial Select Sector ETF (XLF) was ahead 1.5%.

The Philadelphia Housing Index also was climbing 0.7% and the SPDR Real Estate Select Sector ETF (XLRE) was up 1.4%.

Bitcoin was 2.5% lower at $50,367 while the yield for 10-year US Treasuries was 4.6 basis points higher at 1.480%.

In company news, Expensify (EXFY) added more than 15% this afternoon, easing slightly from its 18.4% peak earlier Tuesday that followed analysts at least six brokerages beginning coverage of the enterprise spending management company with largely positive stock ratings and aggressive price targets. JPMorgan and Piper Sandler each assigned overweight ratings for the company's shares while JMP Securities started the stock at outperform and Loop Capital and Citigroup initiated their respective coverages with buy ratings. JPMorgan also set the highest price target for Expensify shares at $57 apiece.

Blue Owl Capital (OWL) rose 4% after the asset manager Tuesday priced a $387.4 million secondary offering of over 26.7 million shares previously owned by NBSH Blue Investments II at $14.50 per share, or 6% under Monday's closing price. Underwriters also received an option to buy up to 4.01 additional shares to cover potential overallotment.

BRP Group (BRP) was 1.3% higher after the insurance broker Tuesday announced the launch of a new line of liability insurance products for companies in the cannabis, hemp, and CBD business, including directors and officers insurance, employment practices liability policies, and fiduciary liability coverage.

Silvergate Capital (SI) climbed 1.2%, erasing a 6.2% mid-morning slide earlier Tuesday that followed the bank holding company overnight pricing a $480 million public offering of more than 3.31 million class A shares at $145 each, or 12.3% under its last closing price.

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