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