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Search resuls for: ". Western Alliance"


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☆ Stocks making the biggest moves midday: Uber, Chegg, Dell, PacWest, SoFi & more
  + stars: | 2023-05-02 | by ( Alex Harring | ) www.cnbc.com   time to read: +4 min
Uber — Shares of the ride-hailing giant jumped more than 8% after the company reported first-quarter revenue that beat analysts' expectations. Still, the company did beat expectations for the quarter and provide strong guidance. NXP Semiconductors — Shares of the chipmaker added more than 2% after the company beat analysts' expectations for first-quarter revenue and operating income. Revenue guidance for the second quarter was better than anticipated as well. The global bank also announced an upcoming $2 billion share buyback program and restored its quarterly dividend.
☆ CNBC Daily Open: Big Tech surpasses expectations
  + stars: | 2023-04-26 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. First Republic lost almost half its value in a single trading day, dragging down other regional banks. However, Wednesday could look like a very different trading day in the United States. Subscribe here to get this report sent directly to your inbox each morning before markets open.
☆ Premarket stocks: Google and Microsoft fight over the future of AI
  + stars: | 2023-04-26 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +6 min
Microsoft, Google and a number of smaller rivals are in a race to integrate generative artificial intelligence technology (similar to ChatGPT) into their search functions and other applications. Both companies see it as an integral part of their future, but it was apparent on Tuesday that Microsoft and Google aren’t in agreement about what that future will look like. Analysts have expressed worry that Google is falling behind the competition when it comes to AI innovation. First Republic shares plunge 50%The past few weeks have been brutal for First Republic Bank (FRC). First Republic Bank also said Monday that it expects to cut its workforce by 20-25% this quarter.
☆ First Republic may not survive, even after two multibillion-dollar bailouts
  + stars: | 2023-04-26 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +8 min
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.
☆ Wells Fargo says this regional bank stock that got caught up in crisis should rebound by 60%
  + stars: | 2023-04-20 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com   time to read: +2 min
The post-earnings pop for Western Alliance should be just the start of a sustained rebound, according to Wells Fargo. Western Alliance said this week that its deposits were recovering in April after falling 11% during the first quarter. Western Alliance was one of the regional bank stocks that was hit hard after the collapse of SVB. However, the bank seems to be seeing strength returning even in the most troubled parts of the business, according to Wells Fargo. However, Braziler projects net interest margin will rebound for Western Alliance in the back half of the year.
☆ Stocks making the biggest moves midday: Nvidia, Palantir, Western Alliance, Johnson & Johnson and more
  + stars: | 2023-04-05 | by ( Samantha Subin | ) www.cnbc.com   time to read: +4 min
The Western Alliance Bancorporation logo is seen in this photo illustration on 13 March, 2023 in Warsaw, Poland. This development would give U.S. government customers and industry partners access to enterprise-grade capabilities by Palantir and Microsoft. Western Alliance also said it has enough liquidity to cover the remaining uninsured deposits. Johnson & Johnson — Shares rose about 3%. Conagra Brands — The packaged goods food company rose 3% after topping Wall Street's expectations on the top and bottom lines for the recent quarter, according to FactSet.
☆ Here's what it was like at the New York Stock Exchange the day Silicon Valley Bank collapsed, according to Wall Street's most famous trader
  + stars: | 2023-03-18 | by ( Morgan Chittum | ) www.businessinsider.com   time to read: +6 min
Peter Tuchman has been at the New York Stock Exchange for almost 38 years and is the most-photographed trader on Wall Street. He's weathered the stock market crash of 1987, the bursting of the dot-com bubble, the financial crisis of 2008, and the COVID-19 sell-off of 2020. On March 10, when Silicon Valley Bank collapsed, "shit was really hitting the fan," he told Insider. Tuchman said when Silicon Valley Bank collapsed last week "shit was really hitting the fan." I watch at every given second what's going on with all that information," he said, gesturing at the hundreds of monitors around us.
☆ US stocks fall as turmoil in regional banks resumes and Credit Suisse gets a lifeline
  + stars: | 2023-03-16 | by ( Carla Mozée | ) www.businessinsider.com   time to read: +3 min
US stocks dropped Thursday, with regional banking stocks still moving lower. The Federal Reserve launched its latest rate-tightening campaign 1 year ago. The index on Wednesday briefly erased its advance for 2023, with markets shaken up by a rout in bank stocks. In the wake of the Silicon Valley Bank failure, regional bank stocks largely fell again on Thursday. Thursday marks one year since the Federal Reserve embarked on its most aggressive run of rate hikes in decades.
☆ The CEO of Silicon Valley Bridge Bank is asking customers to return. But spooked Americans are moving billions out of smaller banks and into Wall Street giants.
  + stars: | 2023-03-15 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +3 min
The CEO of Silicon Valley Bridge Bank asked customers to move their money back to the bank. US depositors have been moving billions of dollars from smaller to larger banks, per Reuters. The bridge bank, which opened on Monday, is a new lender created by the Federal Deposit Insurance Corporation, which took over the deposits of the Silicon Valley Bank. His statements come just as US depositors are moving billions away from smaller banks after the collapse of Silicon Valley Bank and Signature Bank, New York, Reuters reported Tuesday. Both Silicon Valley Bank and Signature Bank, New York, experienced runs on deposits that led to their closures.
☆ Financial shares fall as Credit Suisse becomes latest crisis for the sector
  + stars: | 2023-03-15 | by ( Jesse Pound | ) www.cnbc.com   time to read: +2 min
Shares of the Swiss bank fell more than 24% after its biggest backer said it won't provide further financial support. Credit Suisse announced on Tuesday that it had found " material weakness " in its financial reporting process from prior years. Bank stocks were under pressure on Wednesday as the sharp drop of Credit Suisse rattled a segment of the market that was already reeling from two large bank failures in the past week. Some regional bank stocks saw even bigger declines. Credit Suisse struggles come on the heels of the collapse of Silicon Valley Bank and Signature Bank in the U.S. Those failures caused steep sell-offs in regional bank stocks on Monday.
☆ Stocks making the biggest moves premarket: First Republic, Western Alliance, Uber, Lyft and more
  + stars: | 2023-03-14 | by ( Sarah Min | ) www.cnbc.com   time to read: +3 min
Check out the companies making headlines before the bell:First Republic Bank — The San Francisco-based bank stock jumped 45% after closing down 61.8% on Monday. First Republic shares rose amid a broader rebound in regional bank stocks. Credit Suisse — The bank stock fell by about 1.6% after Credit Suisse said it had found "material weaknesses" in its financial reporting processes for 2022 and 2021. Honeywell International — Honeywell shares rose 0.4% after the conglomerate announced that Vimal Kapur, president and chief operating officer, will succeed Darius Adamczyk as CEO. Blackstone shares rose 1.8%.
☆ Wells Fargo says buy this regional bank stock that has been 'thrown out with the bathwater,' sees nearly 150% upside
  + stars: | 2023-03-14 | by ( Hakyung Kim | ) www.cnbc.com   time to read: +2 min
Investors should snap up shares of beaten-down regional bank Western Alliance, according to Wells Fargo. The firm reiterated its overweight rating on the stock, while lowering its price target to $65 from $90. Still, the new price target implies 148.9% upside from the stock's Monday closing price of $26.12. Western Alliance shares declined 47% on Monday as part of a massive selloff of regional bank stocks following the failures of SVB Financial and Signature Bank. Western Alliance shares were up 18.2% during premarket trading on Tuesday.
☆ US marshalling 'material action' to stem SVB fallout -sources
  + stars: | 2023-03-12 | by ( Lananh Nguyen | Pete Schroeder | Sarah N. Lynch | ) www.reuters.com   time to read: +7 min
NEW YORK (Reuters) -U.S. authorities were preparing “material action” on Sunday to shore up deposits in Silicon Valley Bank (SVB) and stem any broader financial fallout from its sudden collapse, sources familiar with the matter told Reuters. Biden administration officials worked through the weekend to assess the impact of startup-focused lender SVB Financial Group’s failure on Friday, with a particular eye on the venture capital sector and regional banks, the sources said. REUTERS/Nathan FrandinoAnd amid increased withdrawals from other regional banks, U.S. officials are also keeping close watch on the wider sector. The S&P 500 regional banks index dropped 4.3% on Friday to end the week down 18%, its worst week since 2009. Signature Bank, First Republic Bank, PacWest Bank and Charles Schwab did not immediately respond to requests for comment.
☆ Regulators urged to find Silicon Valley Bank buyer as industry frets about fallout
  + stars: | 2023-03-12 | by ( Lananh Nguyen Pete Schroeder | Lananh Nguyen | Pete Schroeder | ) www.reuters.com   time to read: +5 min
The Federal Deposit Insurance Corporation (FDIC), which was appointed receiver, was trying to find another bank over the weekend that was willing to merge with Silicon Valley Bank, people familiar with the matter said on Friday. However, it was not clear if regulators would have political support to throw a lifeline to the bank, which catered to Silicon Valley startups and investors. Silicon Valley Bank had an unusually high level of deposits that were not covered by the FDIC's guarantees, which are capped at $250,000. Signature Bank, First Republic Bank, PacWest Bank and Charles Schwab did not immediately respond to requests for comment. "Silicon Valley had a unique business model that was less dependent on retail deposits than a traditional bank."
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