Sector Update: Financial Stocks Trimming Tuesday Declines in Late Trade

Last Updated: Tuesday, May 24, 2022 3:53 PM | MT Newswires

Financial stocks pared a portion of their midday declines during afternoon trading, with the NYSE Financial Index slipping 0.6% and the SPDR Financial Select Sector ETF (XLF) declining 0.4%.

The Philadelphia Housing Index was dropping 2.3% and the SPDR Real Estate Select Sector ETF (XLRE) was rising 0.8%.

Bitcoin was climbing 0.3% to $29,343, reversing an earlier slide, while the yield for 10-year US Treasuries was dropping 9.9 basis points to 2.760%.

In company news, StepStone Group (STEP) was 2.2% lower after it disclosed that IPI Partners would acquire a majority stake in Stepstone's Safe Host data center-hosting subsidiary. The companies did not provide financial details of the transaction.

BitNile Holdings (NILE) declined 5.9% after the cryptocurrency-mining company late Monday reported a Q1 net loss of $28.8 million, reversing its $2 million profit during the same quarter last year ago and trailing the two-analyst mean looking for a $10.7 million loss for the three months ended March 31.

Cambridge Bancorp (CATC) was 2.1% higher this afternoon after the bank holding company overnight announced plans to acquire privately-held Northmark Bank for around $63 million in stock, with Cambridge swapping 0.9950 of a share for each Northmark share.

Guarforce AI (GFAI) rose 17% after the cash-handling company announced its purchase of a security services firm and seven robotics-as-a-service companies from Shenzhen Kewei Robot Technology in China for a combined $30 million, consisting of $3 million in cash and $27 million of Guarforce AI restricted ordinary shares.

Share this article:

Related Companies

You May Also Like

Related Articles

Is Iron Mountain Inc (IRM) a Winner in the REIT - Specialty Industry?

Should You Buy Whitestone REIT (WSR) in REIT - Retail Industry?

Should Clipper Realty Inc (CLPR) Stock Be in Your Portfolio?

Is Plymouth Industrial Reit Inc (PLYM) Stock Near the Top of the REIT - Industrial Industry?

Is Geo Group Inc (GEO) the Top Pick in the REIT - Healthcare Facilities Industry?

Related Companies