Moderna boosted by expansion plans, while SVB fallout continues to pressure banks and financials
By Barbara KollmeyerCiara Linnane
Gap, Allbirds, DocuSign, Oracle also among biggest losing stocks
These were some of the biggest movers among U.S. stocks on Friday:
Stock gainers:
Stock decliners:
Sector mover:
Shares of Silicon Valley Bank parent SVB Financial Group(SIVB)tumbled 66% in premarket trading before a full halt, after falling 60% on Thursday when the financial services company disclosed a $1.8 billion loss from securities sales, cut full-year guidance and announced plans for an equity offering. Reports surfaced Thursday that several funds had advised clients to pull their money from Silicon Valley Bank, triggering a run on the bank. Midmorning Friday, the bank and its 13 branches were placed in receivership in California and there were reports the parent is seeking a buyer. Other financial stocks were caught up in the downdraft; First Republic Bank(FRC) was down 24%, even after UBS said 'it's no SIVB."Signature Bank(SBNY) was down 23% and Charles Schwab(SCHW) was down 7.3%. But JPMorgan bucked the trend to trade up 2.2%, after New Constructs' CEO David Trainer named it his favorite bank stock. JPMorgan Chase (JPM)is built to last," he said. "It is involved in multiple business lines and it provides stability and cash flow for investors."
-Barbara Kollmeyer
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March 10, 2023 13:11 ET (18:11 GMT)
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