Sector Update: Financial Stocks Slipping Near Tuesday Close

Last Updated: Tuesday, August 9, 2022 3:42 PM | MT Newswires

Financial stocks were narrowly mixed late in afternoon trading, with the NYSE Financial Index slipping 0.2% while the SPDR Financial Select Sector ETF (XLF) was ahead 0.3%.

The Philadelphia Housing Index was dropping 2.3% although the SPDR Real Estate Select Sector ETF (XLRE) was ahead 0.7%.

Bitcoin was declining 3.3% to $23,065, while the yield for 10-year US Treasuries was climbing 3.2basis points to 2.797%.

In company news, Nuvei (NVEI) tumbled 21% after reporting Q2 revenue lagging both its prior projections and Wall Street expectations and the Canadian payments platform also cutting its FY22 revenue and non-GAAP EBITDA forecasts. It now sees revenue this year in a range of $820 million to $850 million, down from its prior guidance expecting between $940 million to $980 million while analysts polled by Capital IQ have been looking for Nuvei to produce $926.8 million in FY22 revenue.

PennantPark Floating Rate Capital (PFLT) slid 7.4% after the business development company priced a $49.6 million primary offering of 4 million shares at $12.40 apiece, or 6% below Monday's closing price.

To the upside, Sterling Check (STER) gained more than 12% after the identity and documents verification company reported non-GAAP Q2 net income of $0.33 per share, improving on a $0.25 per share adjusted profit during the same quarter in 2021 and topping the Capital IQ consensus call expecting $0.26 per share. Revenue increased 7.3% year-over-year to $205.6 million, beating the $191.6 million Street view, and the company raised its FY22 revenue outlook by $15 million to a new range of $785 million to $795 million compared with the $774.2 million analyst mean.

American Equity Investment Life (AEL) also climbed over 12% after the life insurance company reported non-GAAP Q2 operating income of $0.98 per share, flat compared with year-ago levels but still exceeding the Capital IQ consensus by $0.27 per share.

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