Financial sector update for 12/13/2021: VGR, DOUG, SIVB, TRNO, NAVI
FInancial stocks stabilized slightly above their intraday lows on Monday afternoon, with the NYSE financial index falling 1.1% and the Financial Select Sector SPDR ETF (XLF) falling 1.0%.
The Philadelphia housing sector index fell 1.4%, although the ETF Real Estate Select SPDR (XLRE) gained 1.2%.
Bitcoin was down 7.5% to $ 46,775. The 10-year US Treasury yield was 4.4 basis points lower at 1.424%.
In company news, Vector Group (VGR) fell 1.8% after the cigarette company announced Friday night that it would transform its real estate subsidiary Douglas Elliman into a stand-alone real estate company that will be listed on the New York Stock Exchange under the symbol DOUG. The transaction is expected to be finalized before the end of the year, the company said.
SVB Financial (SIVB) fell 3.7% after the banking holding company announced on Monday that it had agreed to buy stock research firm MoffettNathanson, expanding healthcare research capabilities and technology from its SVB Leerink investment banking unit. Financial terms were not disclosed.
Among the winners, shares of Navient (NAVI) climbed 1.6% after the education loan processor on Monday authorized a new billion dollar share buyback program to complete a prior share buyback with an available balance of approximately $ 150 million.
Terreno Realty (TRNO) rose 3% after the real estate investment trust announced the purchase of $ 60.8 million of a 9.3-acre industrial distribution property in Alexandria, Va., Fully leased to 13 tenants until 2026.
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