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Financial Sector Update for 07/24/2020: SVC,IHG,OCFT,AXP,ETFC

Financial stocks lost slightly more ground during afternoon trading, with the NYSE Financial Index dropping 0.5% while the SPDR Financial Select Sector ETF was falling 0.4%.

The Philadelphia Housing Index was rising 0.1% in late trade, reversing its prior slide.

In company news, Service Properties Trust (SVC) was ending almost 4% lower after the real estate investment trust warned InterContinental Hotels (IHG) it will terminate operating agreements for 103 hotel properties if InterContinental fails to pay $8.4 million owed for the month of July by August 24. Service Properties also said if the hotel chain fails is unable to make the "cure payment" on time, it may transfer management and branding of the properties to its 34%-owned Sonesta International Hotels. InterContinental shares were fractionally higher in late trade.

OneConnect Financial Technology (OCFT) declined just over 8%. The company said Yuxiang Huang resigned effective Aug. 22 as an executive vice president at the company for personal reasons, according to a new regulatory filing. It did not name an immediate successor.

American Express (AXP) slid slightly more than 1% lower after the credit card issuer reported a 29% decline in Q2 revenue compared with year-ago levels, falling to $7.68 billion and missing the Capital IQ consensus expecting $8.25 billion in revenue for the three months ended June 30.

E*Trade Financial (ETFC) fell nearly 1%. The discount broker late Thursday said it earned $0.88 per share during its Q2 ended June 30, down from $0.90 per share during the same quarter last year but still beating the Capital IQ consensus looking for a $0.77 per share Q2 profit. Revenue increased to $716 million from $685 million last year, also exceeding the $677 million analyst mean.

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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