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Sector Update: Financial Stocks Struggling Amid Rekindled Inflation Worries

05/11/2021 11:58

03:51 PM EDT, 05/11/2021 (MT Newswires) -- Financial stocks were ending lower in late-afternoon trading, with the NYSE Financial Index dropping 1.3% while the SPDR Financial Select Sector ETF was off 1.7%.

The Philadelphia Housing Index also was falling 3.1% and the SPDR Real Estate Select Sector ETF was down 1.7%.

In company news, Alset Ehome (AEI) plunged Tuesday, at one point sinking 60.5% to a record low of $3.95 a share, after the real estate developer priced a $32 million public offering of 4.7 million common shares at $5.07 apiece, or 20% below Monday's closing price. Investors also received warrants to buy up to 4.7 million additional shares.

Paysafe (PSFE) fell over 12% after the UK-based payments processor reported a Q1 net loss of $49 million, improving on a $51 million loss during the same quarter last year but still missing the three-analyst consensus expecting a $5.1 million net loss.

Marathon Digital Holdings (MARA) Tuesday dropped 7% despite reporting an increase in total Q1 revenue to $9.2 million from $592,000 during the same quarter last year.

Macerich (MAC) declined fractionally after the real estate investment trust reported Q1 funds from operations of $0.45 per share on $190.4 million in revenue compared with FFO of $0.81 per share and $227 million in revenue during the same quarter last year.