PAYO

Financial Sector Update for 02/28/2024: PAYO, SSBK, TRU

Financial stocks were advancing in Wednesday afternoon trading, with the NYSE Financial Index adding 0.4% and the Financial Select Sector SPDR Fund (XLF) ahead 0.5%.

The Philadelphia Housing Index gained 0.5% and the Real Estate Select Sector SPDR Fund (XLRE) was up 1.4%.

Bitcoin (BTC-USD) was rising 5.4% to $60,180, and the yield for 10-year US Treasuries was dropping 3 basis points to 4.28%.

In economic news, US gross domestic product was revised to a 3.2% increase in Q4 from a 3.3% gain in the advance estimate, below expectations for no revision in a survey compiled by Bloomberg.

In corporate news, Payoneer Global (PAYO) shares sank 18% after the company guided for weaker-than-expected sales and an earnings decline for the ongoing year despite beating analysts' expectations in Q4.

Southern States Bancshares (SSBK) added 3.2% after the company said that it has entered into a deal to buy CBB Bancorp, the holding company for Century Bank of Georgia.

TransUnion (TRU) was down 0.5% as the company said that its TruAudience marketing solutions line has partnered with Snowflake's (SNOW) Samooha to help address challenges in using data clean rooms.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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