Financial Sector Update for 07/13/2021: DCT,TWO,CURO,SFE

Financial stocks trimmed a portion of their midday losses in afternoon trading, with the NYSE Financial Index dropping 0.7% in late trade while the SPDR Financial Select Sector ETF was off 1.0%.

The Philadelphia Housing Index was falling 2.5% and the SPDR Real Estate Select Sector ETF was down 1.4%.

In company news, Duck Creek Technologies (DCT) rose 6.8% after the risk-assessment software firm said it has expanded its Partner Ecosystem program through a new relationship with privately held Redzone to identify wild fire risk at a specific locations as well as the likely factors fueling that risk.

Safeguard Scientifics (SFE) rose 6.5% after the private equity and venture capital firm Tuesday said it expects around $43 million in cash proceeds from the sale of its Flashtalking advertising technology portfolio company to privately held Mediaocean. Specific financial terms of the transaction were not disclosed.

On the losing side, CURO Group Holdings (CURO) slid 4.6% after Tuesday issuing preliminary Q2 results trailing Wall Street estimates, with the consumer finance company expecting non-GAAP net income in a range of $0.25 to $0.30 per share on around $187 million revenue. Analysts polled by Capital IQ, on average, are looking for a $0.31 per share adjusted profit on $191 million in revenue for the June quarter.

Two Harbors Investment Corp (TWO) tumbled 9.9% after Tuesday pricing a $260 million public offering of 40 million common shares at $6.50 apiece, or 11.3% under Monday's closing price.

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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