Sector Update: Financial Stocks Sputtering Near Monday Close

Last Updated: Monday, July 18, 2022 3:54 PM | MT Newswires

Financial stocks were ending narrowly mixed late in afternoon trading, with the NYSE Financial Index rising 0.1% and the SPDR Financial Select Sector ETF (XLF) falling 0.4%.

The Philadelphia Housing Index was dropping 0.7% and the SPDR Real Estate Select Sector ETF (XLRE) was slipping 1.0% after the National Association of Home Builders reported a 12-point decrease in its housing market index for July, dropping to a 55 reading compared with market expectations for a 65 reading this month.

Bitcoin was increasing 3.3% to $21,712, while the yield for 10-year US Treasuries was climbing 3.0 basis points to 2.96%.

In company news, Prologis (PLD) has turned 1.5% lower this afternoon, giving back a nearly 3% Monday gain, after the real estate investment trust increaed its FY22 outlook, saying market indicators that it follows "remain strong." Excluding one-time items, the company is projecting now expects core funds this year from operations in a range of $5.14 to $5.18 per share, up from its prior outlook expecting $5.10 to $5.16 per share and stradding the Capital IQ consensus looking for core FFO of $5.15 per share.

To the upside, Goldman Sachs (GS) added 1.8% after reporting Q2 net income of $7.73 per share, nearly halving its $15.02 per share profit during the year-ago period but still exceeding the Capital IQ consensus expecting $6.69 per share for the three months ended June 30. Revenue for the investment banking giant declined almost 30% year-over-year to $11.86 billion but also beat the $10.7 billion Street view.AMTD Digital (HKD) rose nearly 72% on Monday, adding to a 230% advance on Friday that followed the digital banking and insurance company pricing a $124.8 million initial public offering of 16 million American depositary shares at $7.80 each, near the top of its projected $6.80 to $8.20 per ADS price range.

Grab Holdings (GRAB) climbed 7.8% after JPMorgan raised its stock rating for the mobile financial services company to overweight from neutral and also increased its price target for Grab shares by $0.50 to $3.50 apiece.

AMTD Digital (HKD) rose nearly 72% on Monday, adding to a 230% advance on Friday that followed the digital banking and insurance company pricing a $124.8 million initial public offering of 16 million American depositary shares at $7.80 each, near the top of its projected $6.80 to $8.20 per ADS price range.

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