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Sector Update: Financial Stocks Edging Higher This Afternoon

05/07/2021 09:15

01:15 PM EDT, 05/07/2021 (MT Newswires) -- Financial stocks were narrowly higher in afternoon trading, with the NYSE Financial Index rising 0.3% while the SPDR Financial Select Sector ETF was ahead less than 0.1%.

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

In company news, Bill.com (BILL) rose more than 15% after announcing a deal to acquire spend-management company Divvy for $2.5 billion in cash and stock and reporting a smaller-than-expected adjusted Q3 net loss and a 45% year-over-year increase in revenue also topping Wall Street forecasts.

Lincoln National (LNC) has turned fractionally higher, rebounding from a nearly 3% decline earlier Friday that followed the life insurance company reporting an year-on-year increase in revenue, to $4.53 billion but still missing the Capital IQ consensus expecting $4.79 billion.

Reinsurance Group of America (RGA) fell 6.5% after Friday reporting a non-GAAP Q1 operating loss of $1.24 per share, compared with a $1.41 per share profit during the same quarter in 2020. The Q1 loss was more than the Capital IQ consensus expecting an adjusted net loss of $0.26 per share.