Industry update: Financial stocks stumble on Friday’s close
Financial stocks continued their steep decline during afternoon trading, with the NYSE Financial Index slipping 2.5% while the SPDR Financial Select Sector ETF (XLF) was down 2.6%.
The Philadelphia Housing Index also fell 3% and the SPDR Real Estate Select Sector ETF (XLRE) fell 2.7%.
Bitcoin fell 3.1% to $19,432, while the yield on 10-year U.S. Treasuries rose 5.7 basis points to 3.883%.
In company news, Kennedy-Wilson (KW) fell 4.2% after S&P placed the real estate investment firm on CreditWatch late Thursday ahead of a possible ratings downgrade due to a profile of high debt.
Hudson Pacific Properties (HPP) fell 4% after Piper Sandler cut its price target for the real estate investment trust from $4 to $13 and reiterated its neutral rating.
Arco Platform (ARCE) fell 9% after the educational software company announced on Thursday that it was buying all 75.1% of Brazilian financial and budget technology company Inco Ltd, with plans to issue around 10.4 million Arco shares to Inco investors, giving them a 15.8% equity stake in the company.
Argo Blockchain (ARBK) fell nearly 25% after disclosing several measures on Friday aimed at bolstering its balance sheet as the London-based cryptocurrency firm struggles with soaring energy costs and falling Bitcoin prices, in particular by selling a stake of almost 15.5% in the company to an anonymous person. strategic investor in return for £24m ($27m) of new capital. It also plans to sell 3,400 of its unused Bitmain S191 Pro mining rigs for £6 million ($6.8 million) in addition to revising its existing equipment finance deal to free up around £5 million (5. $7 million) in restricted cash.