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☆ Big bank executives will assure lawmakers the industry's crisis is over, KBW CEO Thomas Michaud predicts
▼ + stars: | 2023-12-05 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +1 min

Big bank CEOs will likely convey deposits and earnings are stable to lawmakers on Wednesday, according to a major financial services executive. Thomas Michaud, CEO of Stifel company Keefe, Bruyette & Woods, thinks the hearing before the Senate Banking Committee will successfully provide assurance to Washington and Wall Street. "The targeted approach to change deposit insurance to reduce the 'too big to fail' thinking, so depositors don't run like that. He thinks action is needed to keep mid-sized banks competitive with the big banks — starting with lifting Federal Deposit Insurance Corp coverage limits for small businesses. "If deposit insurance reform in my opinion doesn't happen, there's going to be tremendous pressure on those [mid-size] banks to consolidate," Michaud said.

Persons: Thomas Michaud, Keefe, Jamie Dimon, Goldman Sachs, David Solomon, " Michaud, He's, Michaud Organizations: Wall, . Banking, Silicon Valley Bank, Signature Bank, First, Federal Deposit Insurance Corp Locations: Washington, Silicon, First Republic

☆ Why any M&A boom in banks will mirror shale oil in 2020 — all-stock offers and small premiums
▼ + stars: | 2023-06-27 | by ( Scott Schnipper | ) www.cnbc.com time to read: +2 min

Pioneer Natural bought Parsley Energy at an 8% premium. Devon Energy bought WPX Energy at a 3% premium. Bilson points to Yellen last week highlighting a likely decline in earnings when banks report second-quarter earnings next month. That's already reflected in plenty of well-known banks "now trading with mid-single digit forward EPS multiples" as they are suddenly forced to pay more for their deposits, Bilson wrote. There are other hurdles standing in the way of bank deals, Bank of America analysts led by Ebrahim Poonawala said Monday.

Persons: Janet Yellen, there'll, Don Bilson, Gordon Haskett, Bilson, Ebrahim Poonawala, dealmaking, Poonawala, — CNBC's Michael Bloom Organizations: Silicon Valley Bank, Signature Bank, First, Federal Reserve, Dominion, Chevron, Noble Energy, ConocoPhillips, Concho Resources, Energy, Devon Energy, WPX Energy, Yellen, Bank of America, Regulators, U.S . Department of Justice, Federal Trade Commission, MTM Locations: U.S, Wall, Silicon, Toronto, Concho

☆ Millionaires support raising Federal Deposit Insurance Corp. limits. They may be overlooking ways to access more coverage on deposits now
▼ + stars: | 2023-06-12 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Currently, the Federal Deposit Insurance Corp. insures $250,000 per depositor for each ownership category for deposits held at an insured bank. That year, the standard maximum deposit insurance amount was temporarily raised to $250,000, from $100,000. How future deposit insurance may changeThe FDIC in May released a report that outlined three options for the future of the deposit insurance system. This may include an increased, yet also "finite," deposit insurance limit, the FDIC's report states. A third choice, targeted coverage, would provide different levels of deposit insurance coverage for different types of accounts, with higher coverage for business payment accounts.

Persons: Lauren Justice, First Republic —, Martin Gruenberg, Gruenberg, Ted Jenkin, Atlanta . Jenkin, Jenkin Organizations: Bank, Bloomberg, Getty, Valley Bank, Signature Bank, CNBC, Millionaire Survey, Federal Deposit Insurance Corp, First, Committee, Silicon Locations: Beverly Hills , California, First Republic, Atlanta .

☆ Why First Republic Bank may not be the end of the crisis
▼ + stars: | 2023-05-01 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

New York CNN —After a six-week spiral, First Republic bank finally collapsed in the wee hours of Monday morning. Everyone on Wall Street appears to be drinking from the same punch bowl as Jamie Dimon, who framed the sale as a bookend to the crisis. To his mind, the sale just makes JPMorgan, already the nation’s largest bank, even bigger, and the power of the biggest Wall Street banks more concentrated. That idea got an extra boost on Monday, when the FDIC itself released a report advocating for an increase in the deposit insurance limit for business payment accounts. “You can think of federal deposit insurance as being a bit like nuclear weapons,” he said.

☆ Stocks making the biggest moves midday: First Republic, Snap, Amazon, Intel and more
▼ + stars: | 2023-04-28 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Snap — The Snapchat parent company cratered about 18% after missing revenue expectations for the recent quarter. Intel — Intel shares rose more than 4% even after the company reported its largest quarterly loss on record and a 133% reduction year over year. Colgate-Palmolive — The consumer giant saw its stock rally 4% after the company reported quarterly earnings and revenue that topped expectations. The company reported 98 cents in earnings per share, above the 89 cents expected by analysts polled by Refinitiv. Newell Brands — Shares gained 2% even after the consumer goods company reported a wider-than-expected loss.

☆ Stocks making the biggest moves premarket: Snap, Intel, First Solar, Exxon Mobil & more
▼ + stars: | 2023-04-28 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

That overshadowed a revenue beat for the first quarter. The company beat on adjusted earnings per share with $1.58 against a StreetAccount estimated $1.52. Exxon Mobil's adjusted earnings per share came in at $2.83, topping analysts' estimates of $2.59, per Refinitiv. The oil major's adjusted earnings per share was $3.55 versus the $3.41 expected by analysts polled by Refinitiv. The company reported 40 cents per share adjusted on $548.29 million in revenue, while a StreetAccount estimate called for 99 cents per share.

☆ Stocks making the biggest moves midday: Microsoft, Chipotle, Boeing, First Republic Bank and more
▼ + stars: | 2023-04-26 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Check out the companies making the biggest moves midday:Microsoft — Shares of tech giant Microsoft gained more than 8% Wednesday after a better-than-expected earnings report a day earlier. The company earned $1.17 per share on $69.79 billion in revenue, while analysts polled by Refinitiv expected it to earn $1.07 per share on revenue of $68.9 billion. The company also announced a $70 billion share buyback. 107230585First Republic — Shares of the regional bank fell more than 20% on Wednesday, extending their steep losses for the week. However, deposits for the first quarter totaled about $28.2 billion, down from $33.9 billion from the fourth quarter of 2022.

☆ What First Republic's results mean for the regional bank trade, according to Wall Street
▼ + stars: | 2023-04-25 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

First Republic 's quarterly update left investors with major questions about whether the bank can repair itself after massive withdrawals, but the regional bank troubles appear to now be limited to just a small corner of the industry, according to Wall Street analysts. The troubled regional lender reported its first-quarter results Monday, showing a 40.8% drop in deposits that was steeper than analyst estimates. The bank said deposits have stabilized in recent weeks and that it was taking steps to cut expenses and shrink its balance sheet, while also exploring strategic options. Results from regional banks over the last two weeks demonstrated the stickiness of the deposit customer base. ... We expect FRC to embrace a new approach and a different business model, as it adjusts to operating with a smaller balance sheet.

☆ Stocks making the biggest moves midday: Fox, Albemarle, First Republic and more
▼ + stars: | 2023-04-24 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

People walk by the News Corporation headquarters, home to Fox News, on April 18, 2023 in New York City. First Solar – Shares of the solar company lost 3.2% after a Citi downgrade to sell cited margin risks and concerns that Inflation Reduction Act benefits are already reflected in the share price. Medtronic — Shares added 4% during midday trading after being upgraded to overweight from equal weight by Wells Fargo on Sunday. Sunrun , Enphase Energy — Shares of Sunrun and Enphase Energy were higher Monday after Citi added positive catalyst watches on the solar companies, saying it sees further share gains. The Wall Street bank opened a 90-day positive catalyst watch on Enphase Energy, citing a strong backlog and expectations for record-high margins.

☆ Stocks making the biggest moves premarket: GameStop, Luminar Technologies, Virgin Orbit & more
▼ + stars: | 2023-03-22 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

GameStop — The meme stock surged 44% after the company posted a quarterly profit for the first time in two years Tuesday. Luminar Technologies — Shares dropped nearly 9.2% after being downgraded by Goldman Sachs to sell from neutral. Petco Health and Wellness — The stock fell by 7.8% in early morning trading after the company reported fourth-quarter earnings that missed Wall Street's expectations. First Republic — Shares of the regional bank fell by 4.2% in premarket trading after jumping nearly 30% in Tuesday's session. Sales in China fell short of analyst expectations, and the company continued working through its inventories, which weighed on margins.

☆ Stocks making the biggest premarket moves: Tesla, First Republic, UBS, Foot Locker and more
▼ + stars: | 2023-03-21 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Check out the companies making the biggest moves in premarket trading:Tesla — The electric vehicle maker rose 2% after Moody's assigned it a Baa3 rating and removed its junk-rated credit. First Republic — The beleaguered bank jumped nearly 19% in premarket trading, following a 90% plunge so far this month as investors focused on its large amount of uninsured deposits. Regional banks — Regional banks were also higher on the heels of First Republic's rise and as investors continued to digest the likelihood of expanded federal insurance. UBS — U.S.-listed shares of the Swiss-based bank were up 4%, a day after gaining 3.3% following its agreement to buy Credit Suisse for $3.2 billion. Foot Locker — Its shares rose more than 4% after Citi upgraded the retailer to "buy" from "neutral."

☆ Stocks making the biggest moves midday: First Republic, UBS, Virgin Orbit, Dell and more
▼ + stars: | 2023-03-20 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Check out the companies making the biggest moves midday:First Republic — Shares tanked nearly 30% after Standard & Poor's cut First Republic's credit rating to B+ from BB+. S&P first lowered the bank's rating to junk status just last week. UBS , Credit Suisse — U.S.-listed shares of Credit Suisse tanked 50.5% after UBS agreed to buy Credit Suisse for 3 billion Swiss francs, or $3.2 billion. UBS shares gained 4.7%. Exelixis — The stock gained 3.9% after the biotech company announced a $550 million share repurchase program to run through the end of 2023.

☆ Stocks making the biggest moves premarket: First Republic, UBS, Enphase Energy
▼ + stars: | 2023-03-20 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

First Republic — The bank tumbled about 19% premarket after Standard & Poor's cut its credit rating again, to B+ from BB+, on Sunday. S&P first lowered First Republic's credit rating to junk status last week. UBS , Credit Suisse — Shares of UBS fell about 5% before the U.S. open, while Credit Suisse shares plunged 58%. Some analysts said UBS's forced Credit Suisse merger over the weekend could boost investor sentiment toward U.S. regionals. Zions Bancorp.

First Republic Bank was forced to seek a lifeline this week, receiving tens of billions of dollars from other banks. These are known as unrealized losses — they turn into real losses only if the banks have to sell the assets. +2 % 0 –4 First Republic Pacific Western Signature −8 Plotted quarterly ’19 ’20 ’21 ’22 ’19 ’20 ’21 ’22 ’19 ’20 ’21 ’22 +2 % 0 –4 Silicon Valley Western Alliance Zions −8 ’19 ’20 ’21 ’22 ’19 ’20 ’21 ’22 ’19 ’20 ’21 ’22 +2 % 0 First Republic Pacific Western Signature –4 −8 Plotted quarterly ’19 ’20 ’21 ’22 ’19 ’20 ’21 ’22 ’19 ’20 ’21 ’22 +2 % 0 Silicon Valley Western Alliance Zions –4 −8 ’19 ’20 ’21 ’22 ’19 ’20 ’21 ’22 ’19 ’20 ’21 ’22 +2 % 0 First Republic Pacific Western Signature –4 −8 Plotted quarterly ’19 ’20 ’21 ’22 ’19 ’20 ’21 ’22 ’19 ’20 ’21 ’22 +2 % 0 Silicon Valley Western Alliance Zions –4 −8 ’19 ’20 ’21 ’22 ’19 ’20 ’21 ’22 ’19 ’20 ’21 ’22 Source: Federal Financial Institutions Examination Council Note: Includes both “held-to-maturity” and “available-for-sale” securities, meaning both long- and short-term investments. Banks’ cash and noncash assets Plotted quarterly $200 billion Pacific Western Signature 150 100 First Republic 50 0 ’19 ’20 ’21 ’22 ’19 ’20 ’21 ’22 ’19 ’20 ’21 ’22 $200 billion Western Alliance Zions 150 100 50 Silicon Valley 0 ’19 ’20 ’21 ’22 ’19 ’20 ’21 ’22 ’19 ’20 ’21 ’22 Banks’ cash and noncash assets $200 billion Pacific Western Signature 150 100 50 First Republic 0 ’19 ’20 ’21 ’22 ’19 ’20 ’21 ’22 ’19 ’20 ’21 ’22 $200 billion Western Alliance Zions 150 100 50 Silicon Valley 0 ’19 ’20 ’21 ’22 ’19 ’20 ’21 ’22 ’19 ’20 ’21 ’22 Source: Federal Financial Institutions Examination CouncilMidsize banks like SVB do not have the same regulatory oversight as the nation’s biggest banks, who, among other provisions, are subject to tougher requirements to have a certain amount of reserves in moments of crisis. Last weekend, the Fed announced a program that offers loans of up to one year to banks using the banks’ government bonds and certain other assets as collateral.

☆ Investors are still worried about a run on deposits of some ailing banks while massive lifelines buy more time
▼ + stars: | 2023-03-18 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Shares of First Republic and Credit Suisse continued to sell off despite massive lifelines. First Republic is receiving $30 billion in deposits from Wall Street giants and large regional banks. Meanwhile, Switzerland's central bank provided Credit Suisse with $54 billion in liquidity. In the case of Credit Suisse, depositors have been fleeing since well before SVB failed. Bank mergers could help, and UBS is in talks to acquire all or parts of Credit Suisse, according to reports.

☆ Stocks making the biggest moves midday: FRC, FDX, NVDA, BMBL & more
▼ + stars: | 2023-03-17 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Investors breathed a sigh of relief after the Swiss National Bank said it would provide a liquidity backstop for Credit Suisse. First Republic — The regional bank shares shed over 20% even after the company is set to receive aid from other financial institutions. Credit Suisse — U.S.-listed shares of the Swiss bank fell nearly 11% on Friday, a day after soaring on news the bank will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank. Warner Bros Discovery — The media company gained 2% after Wells Fargo upgraded the stock to overweight from equal weight. FedEx — The shipping company saw its stock jump over 8% after the company's fiscal third-quarter earnings topped analysts expectations.

☆ What credit ratings have to do with the fallout at Silicon Valley Bank and First Republic — and why they matter so much to banks
▼ + stars: | 2023-03-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +8 min

As panic shoots across the banking sector, US banks' credit ratings have come under the spotlight, and investors are zooming in on how these institutions are graded. Moody's, S&P Global, and Fitch are three big credit ratings agencies that control about 95% of the credit ratings in the financial markets. In fact, during the global financial crisis, credit ratings agencies had been blasted for giving better ratings to risky mortgage-backed securities and collateralized loans. Fears of the crisis spreading have also hit the credit ratings of First Republic Bank. First Republic Bank is now considering various options —including a sale – Bloomberg reported Wednesday, citing people with knowledge of the matter.

☆ Stocks making the biggest moves after hours: Lennar, First Republic, Western Alliance and more
▼ + stars: | 2023-03-14 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Check out the companies making headlines after the bell:Lennar — The homebuilding stock gained about 2% in extended trading. Lennar beat analysts' earnings and revenue expectations for the recent quarter, according to Refinitiv. First Republic — Shares of the regional bank stock were on the move once again after the bell, last up 12%. Other bank names Western Alliance and KeyCorp also rose, gaining about 10% and 3.5%, respectively. — The retail stock lost more than 7% after posting disappointing guidance for the first quarter and full year, according to FactSet.

☆ First Republic bolsters liquidity after wild weekend of bank failures
▼ + stars: | 2023-03-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

First Republic Bank said it's getting additional funding from the Federal Reserve and JPMorgan Chase. It's been a wild weekend for banks after SVB was shut down by regulators following a bank run. There are fears of contagion at regional banks such as First Republic. This funding injects $70 billion of unused liquidity into San Francisco-based First Republic, the bank said in a Sunday filing. First Republic Bank's shares fell 15% on Friday to $81.76 apiece.

☆ Stocks making the biggest moves premarket: Illumina, First Republic, Seagen and more
▼ + stars: | 2023-03-13 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

First Republic — Shares of First Republic cratered more than 64% before the bell, building on last week's losses. Shares led a decline in bank stocks despite plans from the government to backstop depositors of Silicon Valley Bank and Signature Bank. PNC — Shares lost nearly 5.2% early Monday morning after the bank decided against bidding on Silicon Valley Bank as regulators struggle to find buyers for the failed bank. The streaming and media company said in a Friday SEC filing that around $487 million, or 26%, of its cash reserves are stuck at Silicon Valley Bank. Petco Health and Wellness — Shares slipped less than 1% after the company was downgraded by Citi to neutral from buy.

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