Stocks move at big noon: CS, FRC, HAL

A person walks past the headquarters of First Republic Bank on March 13, 2023 in San Francisco, California.

Justin Sullivan | Getty Images

Check out the companies making headlines in midday trading.

CreditSuisse – US-listed Credit Suisse plunged nearly 14% after its biggest backer, the Saudi National Bank, said it would not provide any more financial aid to the Swiss bank. Credit Suisse and several other European banks including Society Generaleof Italy Monte dei Paschi and UniCredit, were briefly halted from trading on Wednesday as prices plunged amid the aftermath of Silicon Valley Bank.

Bank of the First Republic — The regional bank stock fell 21.4%, reversing some of Tuesday’s gains as the turmoil at Credit Suisse rocked the broader sector and S&P Global Ratings downgraded its debt rating to BB+ from A-. PacWest Equities fell 12.9% while Western Alliance shares gained 0.6%.

US Banks – Major US banks plunged on Wednesday as unease over the latest crisis at Credit Suisse spooked some investors. JPMorgan Chase And Goldman Sachs fell by about 4.7% and 3.1% respectively. Wells Fargo fell by 3.3%. Citigroup And MorganStanley lose more than 5% each.

Energy stocks – Major energy stocks took a hit as oil prices fell to their lowest levels in more than a year. Halliburton And Marathon Oil 9% and 8.5% lost respectively. APA Corporation And Devonian energy dropped about 8%. Diamondback Energy plummeted by more than 7%.

SentinelOne — The cybersecurity stock is up more than 7% after posting a smaller-than-expected loss in the most recent quarter.

New York Community Bancorp — Regional bank stocks rose more than 57%, bucking the broader sell-off trend in bank stocks. UBS took over coverage of New York Community Bancorp with a buy rating and said shares could rise 50%.

smartsheet – The work management software maker saw its stock jump 17.8%, according to FactSet, after the company reported fourth-quarter earnings and sales that beat analysts’ expectations. Earnings forecasts for the first quarter and full year also beat Wall Street forecasts.

Atlas Air Worldwide Holdings — Shares of the aircraft and aerospace services company gained 3.2% following news that all regulatory conditions were satisfied until the completion of its merger agreement. Atlas Air expects to complete the merger on or about March 17.

Guess? —The apparel maker fell 5.2% after releasing weak first-quarter and full-year guidance, according to FactSet.

Freshpet — Shares fell 1.8% after activist investor JANA Partners states that Freshpet either “requires a significant change in its board of directors, or in the absence of such a change it should be sold”. The statement comes after the pet food company announced one share-linked capital increase on Tuesday.

– CNBC’s Michelle Fox, Tanaya Macheel, Alex Harring, Hakyung Kim, Pia Singh and Sarah Min contributed coverage. Stocks move at big noon: CS, FRC, HAL

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