Investors breathed a sigh of relief after the Swiss National Bank said it would provide liquidity support for Credit Suisse.

Arnd Wiegmann/Stringer/Getty Images

Take a look at the companies making headlines in midday trading.

First Republic: Shares of the regional bank fell more than 20% even after the company will receive help from other financial institutions. The sector remains under pressure. PacWest and Western Alliance also lost more than 13% each, while KeyCorp fell 8%.

Swiss credit — Shares of the U.S.-listed Swiss bank fell nearly 11 percent on Friday, a day after news that the bank will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank. Shares have had a volatile week after Credit Suisse’s biggest investor said it would not inject additional funds into the bank.

Warner Bros Discovery — The media company gained 2% after Wells Fargo upgraded the stock to overweight from equal weight. The company said it liked the company’s debt reduction efforts.

FedEx: The shipping company saw its shares rise more than 8% after the company’s fiscal third-quarter earnings beat analysts’ expectations. FedEx reported adjusted earnings of $3.41 per share, beating Refinitiv’s consensus estimate of $2.73 per share. The company also raised its full-year profit forecast.

Sarepta Therapeutics – The pharmaceutical name fell nearly 20% after regulators said it will hold an advisory committee meeting for its Duchenne muscular dystrophy treatment SRP-9001. The news fueled concern about the eventual approval of the treatment.

Nvidia – Nvidia shares gained more than 1% after Morgan Stanley upgraded the chipmaker to overweight from an equal weight rating as the companies focus on AI developments. The bank said the AI ​​narrative for Nvidia is “too strong to remain on the sidelines.”

Bumble: Dating app shares rose 3% after Citi initiated coverage of the company with a buy rating and said the stock could rise more than 20% as it captures share of market

Crypto Stocks: Crypto stocks rose with the price of bitcoin as this week’s banking crisis has fueled renewed interest in crypto. Coinbase and Microstrategy rose 6% and 7%, respectively. Bitcoin miners also had a big rise, with Riot Platforms up 10%, Hut 8 advancing 6% and Marathon Digital adding 4%.

CNBC’s Alex Harring, Tanaya Macheel, Michelle Fox and Samantha Subin contributed reporting.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *