First Republic Bank
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Financials : Banks | Small Cap Value
Company profile

First Republic Bank (the Bank) is a commercial bank and trust company. The Bank specializes in providing services, including private banking, private business banking, real estate lending and wealth management services, including trust and custody services, to clients in selected metropolitan areas in the United States. It operates through two segments: Commercial Banking and Wealth Management. The principal business activities of the Commercial Banking segment are gathering deposits, originating and servicing loans and investing in investment securities. The principal business activities of the Wealth Management segment include the investment management activities of First Republic Investment Management, Inc. (FRIM), which manages investments for individuals and institutions; money market mutual fund activities through third-party providers and the brokerage activities of First Republic Securities Company, LLC (FRSC) and its foreign exchange activities conducted on behalf of clients.

Closing Price
Day's Change
0.0025 (1.42%)
B/A Size
Day's High
Day's Low
(Above Average)

10-day average volume:

Carvana stock enjoys best week ever as 'meme-like' run continues

12:40 pm ET February 4, 2023 (MarketWatch)

By Tomi Kilgore and Jeremy C. Owens

Carvana shares increase for the seventh consecutive session to an 86% gain on the week, their best week since turning public in 2017

Carvana Co. shares did a U-turn Friday to continue their winning streak and finish their best week ever.

Carvana (CVNA) shares increased 1.4% to $14.45, for their seventh consecutive daily gain, after hitting declines of as much as 9.1% earlier in Friday's session. Their "meme"-like win streak led to an 86% gain on the week, the best weekly gain on record for the stock, which went public in April 2017.

The stock has now rocketed 124.7% in the seven-session winning streak, its longest since an eight-day stretch that ended July 12, 2021, according to Dow Jones Market Data. Shares have tripled so far this year, gaining 204.9% through the first few weeks of 2023, but are still more than 96% shy of their all-time closing high of $370.10, reached on August 10, 2021.

Carvana stock began to show "meme"-like tendencies earlier this month, amid a relatively high short-interest position in the stock, and the company also adopted a shareholder rights plan ("poison pill") to block investors from taking advantage of the stock's weakness to buy up a large stake.

From Barron's: Carvana Stock Surged This Week. Analysts See It Heading Lower

Short-interest, or bearish bets on the stock, represented 59.7% of the public float, according to the latest exchange data, or shares available for public trading. That compares with that of the original "meme" stocks, with short-interest as a percentage of public float at 23.5% for GameStop Corp. (GME) and AMC Entertainment Holdings Inc. (AMC) at 22.6%.

Carvana sales more than doubled in 2021, when demand for used cars spiked amid less usage of public transit during the COVID-19 pandemic, though the company continued to lose money both on a GAAP and free-cash-flow basis. Losses steepened in 2022, as revenue growth slowed down. When Carvana reports fourth-quarter results on Feb. 23, analysts an average expect that annual sales will end up about 8.4% higher at $13.88 billion, while annual net losses are expected to grow more than sixfold, from $287 million to $1.84 billion.

Carvana shares have now declined 90.2% in the past 12 months, as the S&P 500 index has declined 6.7%.

Read also: Why naked short selling has suddenly become a hot topic

-Tomi Kilgore


(END) Dow Jones Newswires

February 04, 2023 12:40 ET (17:40 GMT)

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