Investors breathed a sigh of relief after the Swiss National Bank announced it would provide a liquidity backstop to Credit Suisse.
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Check out the companies making headlines in midday trading.
First Republic – Regional bank shares fell over 20% even after the company is said to receive aid from other financial institutions. The industry is still under pressure. PacWest and Western Alliance were also down more than 13% each, while KeyCorp was down 8%.
Swiss credit – US-listed shares of the Swiss bank fell almost 11% on Friday, a day after soaring on news that the bank will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank. The stock had a volatile week after Credit Suisse’s biggest investor said it would not provide additional funds to the bank.
Warner Bros. Discovery — The media company rose 2% after Wells Fargo upgraded the stock from equal weight to overweight. The company said it likes the company’s debt reduction efforts.
FedEx — The shipping company’s stock rose over 8% after company earnings beat analysts’ expectations in the third quarter. FedEx reported adjusted earnings of $3.41 per share, beating a Refinitiv consensus forecast of $2.73 per share. The company also raised its earnings guidance for the full year.
Sarepta Therapeutics – The pharmaceutical name fell nearly 20% after regulators announced they would hold an advisory committee meeting for its SRP-9001 treatment for Duchene muscular dystrophy. The news raised concerns about the eventual approval of the treatment.
NVIDIA – Nvidia shares rose more than 1% after Morgan Stanley upgraded the chipmaker to overweight from an equal weight rating as companies focus on AI developments. The bank said the AI narrative for Nvidia is “too strong to stay on the sidelines.”
Bumble — Shares of the dating app rose 3% after Citi initiated coverage of the company with a buy rating, and said the stock could soar more than 20% if it captures market share.
Crypto Stocks – Crypto stocks rose with the price of bitcoin as the banking crisis sparked renewed interest in crypto this week. Coinbase and Microstrategy are up 6% and 7%, respectively. Bitcoin miners also saw a big boost, with Riot Platforms up 10%, Hut 8 up 6%, and Marathon Digital up 4%.
– CNBC’s Alex Harring, Tanaya Macheel, Michelle Fox and Samantha Subin contributed coverage.
https://www.cnbc.com/2023/03/17/stocks-making-the-biggest-moves-midday-frc-fdx-nvda-bmbl-more.html
