Sector Update: Financial Stocks Gain With Weak Jobs Reports Portending More Low Interest Rates
03:52 PM EDT, 05/07/2021 (MT Newswires) -- Financial stocks remain moderately higher Friday afternoon, with the NYSE Financial Index rising 0.7% while the SPDR Financial Select Sector ETF was ahead 0.5%.
The Philadelphia Housing Sector Index also was climbing 2% and the SPDR Real Estate Select Sector ETF was up 1%.
In company news, B Riley Financial (RILY) climbed 6.5% after the broker's B Riley Principal 250 Merger Corp (BRIVU) blank-check company priced its initial public offering of 15 million units at $10 per unit. B Riley Principal units were little changed shortly before Friday's closing bell.
Bill.com (BILL) rose almost 19% after reporting fiscal Q3 results that topped Street views. It also struck a deal to acquire spend management company Divvy for $2.5 billion in cash and stock.
Lincoln National (LNC) was 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.