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Sector Update: Financial Stocks Advance Premarket Wednesday

05/12/2021 05:26

09:25 AM EDT, 05/12/2021 (MT Newswires) -- Financial stocks were advancing premarket Wednesday with the Select Financial Sector SPDR (XLF) recently gaining 0.62%. The Direxion Daily Financial Bull 3X shares (FAS) were over 2% higher and their bearish counterpart Direxion Daily Financial Bear 3X shares (FAZ) were down more than 1%.

Aegon (AEG) was over 6% higher even after posting Q1 earnings of 0.18 euro ($0.22) per share, down from 0.61 euro per share a year earlier. Revenue was 6.73 billion euros, down from 7.68 billion euros a year earlier.

Alliance Data Systems (ADS) was gaining more than 3% in value after unveiling plans to spin off its LoyaltyOne segment, which consists of its Canadian Air Miles reward program and Netherlands-based BrandLoyalty business.

Lemonade (LMND) narrowed its net loss to $0.81 per share in Q1 from $3.16 per share a year earlier, but still wider than analyst estimates of $0.78 loss per share in a Capital IQ poll. Lemonade was down over 8% in recent trading.