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Sector Update: Financial Stocks Struggle for Firm Direction Tuesday

MT Newswires ·  {{timeTz}}

03:55 PM EDT, 05/31/2022 (MT Newswires) -- Financial stocks were ending narrowly mixed late in afternoon trading, with the NYSE Financial Index sliding 0.4% but the SPDR Financial Select Sector ETF (XLF) was climbing 0.3%.

The Philadelphia Housing Index and the SPDR Real Estate Select Sector ETF (XLRE) both were slipping 0.9%.

Bitcoin was increasing 3.4% to $31,740, while the yield for 10-year US Treasuries was climbing 10.1asis points to 2.844%.

In company news, Guardforce AI (GFAI) was hanging on for a 1% advance late in Tuesday trading and the cash transportation company announcing a three-year contract extension providing automated teller machine services for the Government Savings Bank in Thailand. The contract renewal is valued at around $19.5 million, Guardforce said.

KE Holdings (BEKE) climbed 17% after the real estate services company reported a surprise Q1 profit, overcoming recent COVID-19 lockdowns weighing on China's housing market. Excluding one-time items, it earned 0.02 renminbi ($0.003) per American depositary share on 12.55 billion renminbi in revenue compared with the Capital IQ consensus call expecting a 0.33 renminbi per ADS net loss on 11.9 billion renminbi in Q1 revenue.

To the downside, Realogy Holdings (RLGY) slid 2.3% after Tuesday disclosing plans to change the name of the residential real estate services company to Anywhere Real Estate and switching its ticker symbol to HOUS. Both moves will take effect on June 9.

LexinFintech (LX) plunged almost 15% after the Chinese consumer loan company Tuesday reported non-GAAP Q1 net income of of 0.62 renminbi ($0.10) per American depositary share, down from 3.72 renminbi per ADS a year earlier, while operating revenue fell 41.8% to 1.71 billion renminbi. Analyst estimates were not available for comparison.

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