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Financial Sector Update for 06/26/2020: BX,HPP,RDFN,ASFI

Financial stocks were declining after the Federal Reserve late Thursday capped dividend payouts by big banks and suspended their stock buyback program following its annual stress tests. At last look, the NYSE Financial Index was dropping 2.8% while the SPDR Financial Select Sector ETF was falling 3.8%.

The Philadelphia Housing Index was sinking 1.7%.

In company news, The Blackstone Group (BX) was 4% lower. The Wall Street Journal Friday reported the asset manager and Hudson Pacific Properties (HPP) were close to a film production property partnership valued at around $1.4 billion. The joint venture would expand Hudson Pacific’s existing studio locations, now consisting of three studio lots and 36 sound stages, a person familiar with the matter told the newspaper.

Redfin (RDFN) declined about 2.5% after the real estate services company said it has resumed buying homes in four more markets in Texas and California. The company temporarily stopped making offers on houses in March because of the COVID-19 pandemic but resumed initial purchases in Austin, Texas, Denver and the California’s Inland Empire on May 7.

Asta Funding (ASFI) climbed 17% after saying the Stern Group has increased its offer to buy all of the company’s outstanding stock by 14.2% to $13.10 per share.

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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