Financial Sector Update for 12/28/2020: RHE,GRNQ,SQ,PRGX

Financial stocks continued their Monday advance, with the NYSE Financial Index rising 0.7% while the SPDR Financial Select Sector ETF also was ahead 0.5%.

The Philadelphia Housing Index, however, was falling 1.3%.

In company news, Regional Health Properties (RHE) was more than 100% higher this afternoon, easing from an earlier 875% advance to an all-time high of $15.77 a share, after the real estate investment trust said it knows of no reason for Monday’s unusual market activity. In a statement, the company said there was no “undisclosed material change” in its business or operations that would account for the outsized increase in its share price and trading on Monday.

Greenpro Capital (GRNQ) was 42% higher this afternoon, earlier racing as much as 113% higher, after the Hong Kong-based business advisory company Monday announced plans to set up a Bitcoin fund through its CryptoSX unit for investment. In prepared remarks, CEO CK Lee said Greenpro investment bankers will raise debt up to $100 million during the first three months of 2021 to invest in bitcoin. The company also will invest its own cash in the cryptocurrency fund, he said.

Square (SQ) was 1.9% lower in late trade following a Bloomberg report it is considering the potential purchase of music-streaming service Tidal as part of efforts to diversify the mobile payments company. Square CEO recently discussed a potential deal with rapper Jay-Z, who acquired Tidal in 2015, the news service said, citing an unidentified source.

PRGX Global (PRGX) fell less than 1% after a B Riley downgrade of the payments audit company to neutral from buy previously, believing it is unlikely to receive a “materially higher” buyout offer from privately held Ardian. B Riley also cut its price target for PRGX shares by $1.29 to $7.71 each, matching Ardian’s $195 million acquisition price.

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