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New York CNN —Nvidia isn’t the only stock capturing the attention of AI enthusiasts these days. Nvidia closed above a $2 trillion market cap on March 1, joining an elite cohort including Apple and Microsoft. Supermicro’s stock gained even more momentum in January, after the company reported second-quarter results that blew past expectations and raised its full-year revenue forecast. Supermicro’s stock was one of the most popular names bought by Charles Schwab clients in February, according to the firm’s latest trading activity index. New York Community Bank gets $1 billion ‘lifeline’Beleaguered regional lender New York Community Bank is receiving a more than $1 billion equity investment, reports my colleague Elisabeth Buchwald.
Persons: Charles Schwab, ChatGPT, , , Supermicro, Wells Fargo, Goldman Sachs, Elisabeth Buchwald, Steven Mnuchin’s, NYCB, ” David Chiaverini, Joseph Otting, Alessandro DiNello, DiNello, Read, Jeremy Hunt, Hanna Ziady, Hunt, ” Hunt, Rishi Sunak’s Organizations: CNN Business, Bell, New York CNN, Nvidia, Apple, Microsoft, Micro, Devices, Federal Reserve, Victoria Bills, Banrion Capital Management, Bank of America, Goldman, New York Community Bank, New, Community Bank, Liberty Strategic Capital, Citadel Global, Street Journal, Wedbush Securities, CNN, Bank of England, International Monetary Fund, Hunt’s Conservative Party, Labour Party Locations: New York, San Jose, United States, Hudson Bay, NYCB
New York CNN —Some of the very first signs of banking stress in the crisis that unfolded last year were reflected in Silicon Valley Bank, Signature Bank and First Republic Bank’s nosediving share prices. That’s a considerably larger share compared to Signature Bank and Silicon Valley Bank shortly before their demises. So far, there’s no evidence that the bank is at risk of failingAs scary as it may be to see a bank’s stock price plunging, it’s not the best gauge for the bank’s viability. The best source of information on that front is a bank’s deposit flows, Chiaverini said. As of last quarter, deposits were down just 2% and declined even less excluding the custodial deposits connected to the acquisition of Signature Bank.
Persons: Bank’s, Thomas Cangemi, David Chiaverini, it’s, Chiaverini, NYCB, Janet Yellen, ” Yellen Organizations: New, New York CNN, Silicon Valley Bank, Signature Bank, First, New York Community Bancorp, Moody’s Investors Service, Wedbush Securities, , Silicon Valley, Bank of America, Financial Services, Federal Deposit Insurance Corporation Locations: New York, Silicon Valley
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe banks are competing with money market funds, not just each other: Wedbush's David ChiaveriniDavid Chiaverini, Wedbush Securities managing director, joins 'Closing Bell' to discuss the fallout in regional banks after First Republic's sale to JPMorgan, credit quality issues hurting commercial real estate, and more.
New York CNN —First Republic Bank has been teetering on the edge for weeks. The San Francisco-based lender could be next in the line to collapse, following in the footsteps of former competitors Silicon Valley Bank and Signature Bank. The FDIC, Federal Reserve, White House and First Republic did not respond to requests for comment about those reports. The stock’s trading was halted numerous times both days as its rapid decline triggered volatility-triggered timeouts by the New York Stock Exchange. “It’s becoming clearer each day” that First Republic is “toast,” said Don Bilson at Gordon Haskett, in a note Wednesday.
New York CNN —First Republic Bank is in a fight for its survival. “It’s becoming clearer each day” that First Republic is “toast,” said Don Bilson at Gordon Haskett, in a note Wednesday. First Republic said in its latest earnings call that is exploring its strategic options, Wall Street code for searching for a white knight. First Republic CEO Michael Roffler attempted to assure investors in an earnings call Monday that the bank had enough liquidity to do that. That’s what happened to Silicon Valley Bank on March 10 when the California Department of Financial Protection and Innovation took possession of and closed Silicon Valley Bank and on March 12 Signature Bank was closed by the New York State Department of Financial Services.
First Republic reported a more than $100 billion plunge in deposits in the quarter in the aftermath of the biggest turmoil to hit the banking sector since 2008. Regional bank PacWest Bancorp (PACW.O) fell 9%, Western Alliance Bancorporation (WAL.N) 6%, Zions Bancorp (ZION.O) 5% and brokerage Charles Schwab Corp (SCHW.N) was down 4%. First Republic said on Monday it was "pursuing strategic options" to quickly strengthen the bank, without providing details. Options include an asset sale of up to $100 billion, a source familiar with the situation said on Tuesday. "So it's tough to even describe it as good asset and bad asset," Chiaverini said.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWestern Alliance was one of the most vulnerable banks after SVB went down: Wedbush's ChiaveriniDavid Chiaverini, Wedbush Securities managing director, joins 'Squawk Box' to discuss whether now is the time to buy bank stocks and more.
Western Alliance stock surged as much as 20% on Wednesday. The regional lender indicated that its deposit levels have stabilized since last month's banking turmoil. "While we experienced elevated net deposit outflows immediately following the closure of other banks, deposit balances quickly stabilized," Western Alliance CEO Kenneth Vecchione said in a statement. Panic rippled through financial markets throughout the month, sending shares of regional banks plunging before the sector stabilized after interventions from government authorities and larger banks. Western Alliance shares are still down 33% year-to-date after the latest rally.
Earnings per share for the six biggest U.S. banks are expected to be down about 10% from a year earlier, analyst estimates from Refinitiv I/B/E/S show. The bank is expected to report a 30% rise in EPS, buoyed by an almost 36% increase in net interest income, according the Refinitiv I/B/E/S estimates and Reuters calculations. "We expect a challenging earnings season for the banks," said David Chiaverini, banking analyst at Wedbush Securities, in a note. He said bank managements will become more defensive, implementing liquidity measures that could lead to downward revisions for net interest income. Net interest income for the six biggest U.S. banks are expected to be up about 30% from a year earlier, according to analyst estimates from Refinitiv I/B/E/S.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLook at tangible book value and insured deposits in the banks, says Wedbush's ChiaveriniWedbush's David Chiaverini joins 'Closing Bell' to discuss regional banks and whether there's a credit contraction likely to follow the recent flight of deposits.
A potential takeover over First Republic could spell trouble for the bank's shareholders, according to Wedbush Securities. Analyst David Chiaverini downgraded the bank stock to neutral from outperform, saying that a potential sale would require a marking of its loans and securities to fair value, and wipe out equity value for shareholders. Given this backdrop, Chiaverini slashed his price target to $5 a share from $140, representing more than 85% downside from Thursday's close. Chiaverini views a sale of the bank as beneficial to the broader banking sector, and the "best the option to avoid receivership." However, marking the company's tangible book value to fair value as of Dec. 31 implies negative $73 a share and symbolizes a $13.5 billion capital pit for any buyer.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSVB could lead to tighter lending standards and less credit availability, says Wedbush's David ChiaveriniDavid Chiaverini, Wedbush, joins 'Closing Bell' to discuss the Silicon Valley Bank fallout and what it could mean for the economy and the markets.
SVB Financial Group scrambled on Thursday to reassure its venture capital clients their money was safe after a capital raise led to its stock collapsing 60% and contributed to wiping out over $80 billion in value from bank shares. SVB, which does business as Silicon Valley Bank, launched a $1.75 billion share sale on Wednesday to shore up its balance sheet. Investors in SVB’s stock fretted over whether the capital raise would be sufficient given the deteriorating fortunes of many technology startups that the bank serves. The company’s stock collapsed to its lowest level since 2016, and after the market closed shares slid another 26% in extended trade. However, the Information publication reported the bank told four clients that transfers could be delayed.
Several big banks will kick off earnings season for the sector on Friday, yet it's the smaller, under-the-radar names that are most loved by Wall Street. For instance, only 54% of analysts covering Bank of America say the stock is a buy, while 58% of those covering JPMorgan rate it a buy, according to FactSet. To find bank stocks expected to outperform this year, CNBC Pro screened for the names most loved by analysts. They also have at least 8 analysts covering them. About 80% of the analysts covering the stock give it a buy rating, including Piper Sandler's John Barnidge.
Federal Reserve minutes and US jobs data could fuel the first major market moves of 2023. Here's why the release of December's Fed minutes Wednesday and the latest US jobs report Friday could fuel the first major market moves of the year. US jobs dataIn 2022, the US's white-hot labor market tended to be bad news for investors. "Despite remaining strong in 2022, the labor market is poised to weaken in 2023, as it's a lagging indicator of which medicine takes the longest to cure," Interactive Brokers senior economist José Torres said Monday. That'd represent a decline from November's 263,000 figure – but suggest that the Fed still has some scope to carry on tightening without crushing the jobs market.
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