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In theory, that should be welcome news for stocks and other so-called risk assets, which wilted under the barrage of hikes last year. Yet some investors worry this year's 6.5% rebound in the S&P 500 has made equities expensive. Many are also wary that the Fed's rate hikes may precipitate a recession later this year. Stocks fell on Wednesday, with the S&P 500 ending down 0.7%, after the Fed's latest policy decision in which the central bank also raised rates by 25 basis points, as markets expected. Friday's U.S. employment report and next week's consumer price index data may give investors a sense of how deeply the Fed's rate hikes have seeped into the economy.

☆ PacWest explores options amid stock price plunge-sources
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: 1 min

NEW YORK, May 3 (Reuters) - PacWest Bancorp (PACW.O) is exploring strategic options, including a potential sale or capital raise, after a liquidity boost it announced last month failed to inspire confidence in its ailing share price, a person familiar with the matter said. PacWest is hoping that to avoid the fate of other regional lenders that were taken over by U.S. regulators in the last two months by proactively finding a solution that bolsters its finances, the source said, asking not to be identified because the matter is confidential. A PacWest spokesperson did not immediately respond to a request for comment. Reporting by Anirban Sen in New YorkOur Standards: The Thomson Reuters Trust Principles.

☆ PacWest is weighing strategic options, including possible sale - Bloomberg News
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: 1 min

May 3 (Reuters) - PacWest Bancorp (PACW.O) has been weighing a range of strategic options, including a sale, Bloomberg News reported on Wednesday, citing people familiar with the matter. Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Regional bank stocks edge higher after two-day slump
▼ + stars: | 2023-05-03 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

PacWest Bancorp (PACW.O) shares rose 6.5% in early afternoon trading after tumbling 28% to close at their lowest level on record on Tuesday. Western Alliance Bank (WAL.N) advanced 4.2%, while Comerica (CMA.N) and Valley National Bankcorp (VLY.O) added nearly 1% and more than 2%, respectively. The KBW Regional Banking Index (.KRX) rose 2% after closing at its lowest level since December 2020 on Tuesday. The plunge in regional bank stocks came after U.S. regulators seized First Republic Bank and sold off its assets to JPMorgan Chase & Co (JPM.N) for $10.6 billion. The bank selloff indicates investor unease over their outlook following the First Republic deal, Brown Brothers Harriman analysts wrote in a note.

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 3, 2023. Major U.S. stock indexes dropped over 1% on Tuesday as regional bank shares tumbled on renewed fears over the financial system and as investors tried to gauge how much longer the Fed may need to hike interest rates. Estee Lauder Cos Inc (EL.N) slid 21.3% as the MAC lipstick maker forecast a bigger drop in full-year sales and profit. Advancing issues outnumbered decliners for a 2.11-to-1 ratio on the NYSE and a 2.25-to-1 ratio on the Nasdaq. The S&P index recorded 19 new 52-week highs and two new lows, while the Nasdaq recorded 30 new highs and 76 new lows.

☆ Stocks slide into Fed mode, shorts stalk banks
▼ + stars: | 2023-05-03 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Overnight, tumbling regional bank stocks (.KRX) dragged the S&P 500 (.SPX) down 1.2% and oil dived more than 5% on fears that shaky bank confidence and signs of weakness in the U.S. job market were harbingers of a looming broader slowdown. Bonds rallied as investors reckoned the Federal Reserve, which sets policy later on Wednesday, will soon be switching from rate hikes to cuts. Among banks, PacWest Bancorp (PACW.O), down 27.8%, Western Alliance Bancorp (WAL.N), down 15.1%, and Comerica Inc (CMA.N) down 12.4%, were the biggest losers. If that happens, focus will be on whether or how hard Fed Chair Jerome Powell pushes back on investors' expectations for rate cuts by year's end. The Australian dollar has given back some of the ground gained on Tuesday, following a surprise rate hike from the central bank, and sat at $0.6670.

☆ Stocks making the biggest moves midday: CVS Health, Eli Lilly, Clorox, Yum and more
▼ + stars: | 2023-05-03 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

CVS cut its 2023 adjusted earnings guidance to a range of $8.50 to $8.70 per share from its previous projection of $8.70 to $8.90 per share. On Tuesday, the consumer products firm posted fiscal third-quarter adjusted earnings per share of $1.51 topped the $1.22 per share expected by analysts polled by Refinitiv. Revenue also beat, coming in at $1.91 billion versus the $1.82 billion expected by Wall Street. AMD also said it expects about $5.3 billion in sales in the current quarter, less than the $5.48 billion expected by Wall Street. Its adjusted earnings per share for the first quarter came in at $1.06, compared to the $1.13 expected, per Refinitiv.

☆ PacWest Stock Dives After Hours Following Report of Possible Sale
▼ + stars: | 2023-05-03 | by ( ) www.wsj.com time to read: 1 min

Shares of PacWest Bancorp dove Wednesday after Bloomberg reported that the regional bank was considering strategic options, including a sale. The stock was recently down more than 50% in the late session after dropping nearly 2% during regular trading.

☆ Watch CNBC's full interview with Odeon Capital Group's Dick Bove
▼ + stars: | 2023-05-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Odeon Capital Group's Dick BoveNick Timiraos, Wall Street Journal chief economics correspondent, and Dick Bove, Odeon Capital Group chief financial strategist, join CNBC's Leslie Picker and 'Last Call' to discuss the ongoing regional banking crisis, a possible sale from Pacific West Bancorp, and the Federal Reserve's 25 basis point rate hike.

☆ Regional banks were 'naked when the storm hit them', says Odeon Capital's Dick Bove
▼ + stars: | 2023-05-03 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRegional banks were 'naked when the storm hit them', says Odeon Capital's Dick BoveNick Timiraos, Wall Street Journal chief economics correspondent, and Dick Bove, Odeon Capital Group chief financial strategist, join 'Last Call' to discuss the ongoing regional banking crisis, a possible sale from Pacific West Bancorp, and the Federal Reserve's 25 basis point rate hike.

☆ PacWest explores strategic options amid stock price plunge -source
▼ + stars: | 2023-05-03 | by ( Anirban Sen | ) www.reuters.com time to read: +2 min

The Los Angeles-based lender said in its first-quarter earnings last week that its deposits had stabilized after some customers pulled their money, but investors have continued to sell the bank's shares amid concerns about its future. PacWest shares dropped 58% on the news on Wednesday to $2.88 a share. The stock has lost almost 90% of its value since the regional banking crisis started on March 8. The crisis has led to the Federal Deposit Insurance Corporation taking over regional lenders Silicon Valley Bank, Signature Bank and First Republic Bank and selling them in whole or parts to other banks. Shares of other regional banks also fell after First Republic Bank collapsed last weekend and was sold to JPMorgan Chase & Co (JPM.N).

☆ PacWest falls 40% after hours on report bank is weighing sale
▼ + stars: | 2023-05-03 | by ( Sarah Min | ) www.cnbc.com time to read: 1 min

PacWest Bancorp shares tumbled 56% in extended trading on Wednesday following a report that the bank is weighing a sale. The regional bank has been assessing options, including a breakup or a capital raise, according to a Bloomberg report citing sources familiar. The shares of many West Coast regional banks have been hit particularly hard since the collapse of Silicon Valley Bank in March, in part because of concerns that their customer bases are similar. PacWest is based in Los Angeles. The stock is down 72% this year.

☆ US regional lenders notch modest gains after two-day slump
▼ + stars: | 2023-05-03 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

PacWest Bancorp (PACW.O) shares gained 2.1% in early trading after tumbling 28% to close at their lowest level on record on Tuesday. The KBW Regional Banking Index (.KRX) rose 1% after closing at its lowest level since December 2020. Evercore ISI analysts lowered their 2023 earnings outlook for regional lenders. The brokerage now estimates a nearly 1%decline from a year earlier, compared to an already lowered expectations of a 4% growth, blaming it on intensifying funding cost pressures amid declining regional bank deposits. Meanwhile, short sellers have pocketed $1.2 billion in paper profits betting against regional lenders in the first two days of May, with Truist Financial Corp (TFC.N) and PacWest generating the highest gains, analytics firm Ortex said.

☆ Dow slides by almost 600 points as bank shares nosedive
▼ + stars: | 2023-05-02 | by ( Krystal Hur | ) edition.cnn.com time to read: +1 min

The Dow fell about 550 points, or 1.6% by midday Tuesday. Western Alliance Bank fell about 16.3% and New York Community Bancorp declined 6.6%. Wells Fargo fell 3.9%, Citigroup slipped 2.3% and Bank of America declined 3.6%. Since investors are already expecting a quarter-point rate hike on Wednesday, Fed commentary will be the focus for markets, Eye said. Investors will be watching for clues about the state of credit conditions following three bank failures, as well as about the Fed’s planned trajectory for future rate hike decisions.

☆ PacWest, Western Alliance lead regional bank sell-off of more than 20% a day after Jamie Dimon said the crisis had ended
▼ + stars: | 2023-05-02 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Shares of PacWest and Western Alliance each fell more than 25%, leading bank stocks lower on Tuesday. "This part of the crisis is over," JPMorgan's Jamie Dimon said after his bank took over First Republic. Shares of PacWest and Western Alliance fell as much as 26% and 27%, respectively. The S&P Regional Banks Select Industry Index fell 7%, while the KBW Regional Banking ETF fell 6%. The crash in regional bank shares comes a few days after First Republic Bank failed and was taken over by the Federal Deposit Insurance Corporation and its assets sold to JPMorgan.

May 3 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. The U.S. regional banking index tanked 5.5% on Tuesday, its biggest fall since the depths of the crisis in mid-March. This may play into Malaysian policymakers' thinking as they prepare to deliver their latest interest rate decision on Wednesday. But that's what Asian markets will be waking up to on Thursday. Before that on Wednesday they have the Malaysian rate decision, services PMI data from Australia and India, and South Korean FX reserves to offer local direction.

☆ US regional bank stocks fall for second day as First Republic failure weighs
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

May 2 (Reuters) - Shares of major U.S. regional banks fell further on Tuesday in the aftermath of the collapse of First Republic Bank (FRC.N), the largest U.S. bank failure since the 2008 financial crisis. Investors are still concerned that the crisis started by the closure of Silicon Valley Bank and Signature Bank in March could engulf other mid-sized lenders. Shares of PacWest Bancorp (PACW.O) tumbled nearly 30%, while Western Alliance Bank (WAL.N) and KeyCorp (KEY.N) fell 21% and 10%, respectively. Some investors are also concerned about the long-term impact of the JPMorgan deal, which risks worsening the "too-big-to-fail" problem regulators have been trying to solve for years. Reporting by Niket Nishant and Jaiveer Singh Shekhawat in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

NEW YORK, May 1 (Reuters) - The weekend rescue of troubled lender First Republic Bank (FRC.N) has done little to allay options traders' concerns about the overall health of U.S. regional banks. Traders who had bought upside calls on regional banks on Friday appeared to be exiting those positions as the regulator-engineered rescue of First Republic failed to catalyze a rally in the mid-cap bank sector. SPDR S&P Regional Banking ETF shares were down 2% at $41.70 in afternoon trading. At the individual stock level, traders were focused on regional lender PacWest Bancorp (PACW.O) on Monday. With PacWest shares down 7%, put options, typically used for bearish bets, outnumbered call options, usually employed for bullish bets, 4-to-1, according to Trade Alert data.

☆ Here's what's next for bank stocks after the failure of First Republic
▼ + stars: | 2023-05-01 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

First Republic's demise was the third regional bank failure since early March, when Silicon Valley Bank and Signature Bank folded within days of each other. There is cautious optimism on Wall Street that First Republic will be the last failure of this period. However, reports from other regional banks weren't nearly as dire, with many reporting that deposits had stabilized and were growing again. However, the failure of First Republic could cause some more turbulence, at least in the short-term, for both deposits and bank stocks. "We don't believe that regional banks are completely out of the woods," Wolfe Research chief investment strategist Chris Senyek said in a note to clients on Monday.

NEW YORK, April 30 (Reuters) - PNC Financial Services Group (PNC.N) and JPMorgan Chase & Co (JPM.N) were among banks set to submit final bids for First Republic Bank (FRC.N) by midday Sunday in an auction being run by U.S. regulators, sources familiar with the matter said. Citizens Financial Group Inc (CFG.N) was another bidder in the final phase of the process, according to one of the sources familiar with the matter. Guggenheim Securities is advising the FDIC, two sources familiar with the matter said on Saturday. Citizens Financial Group Inc (CFG.N) was another bidder vying for the bank, according to sources familiar with the matter on Saturday. But fearing further bank runs, regulators took the exceptional step of insuring all deposits at both Silicon Valley Bank and Signature.

☆ FDIC prepares to place First Republic under receivership
▼ + stars: | 2023-04-29 | by ( Greg Roumeliotis | ) www.reuters.com time to read: +4 min

April 28 (Reuters) - The U.S. Federal Deposit Insurance Corporation (FDIC) is preparing to place First Republic Bank (FRC.N) under receivership imminently, a person familiar with the matter said on Friday, sending shares of the lender down nearly 50% in extended trading. The FDIC asked banks including JPMorgan Chase & Co (JPM.N) and PNC Financial Services Group (PNC.N) to submit final bids for First Republic Bank by Sunday, Bloomberg News reported on Saturday. If the San Francisco-based lender falls into receivership, it would be the third U.S. bank to collapse since March. Shares of some other regional banks also fell, with PacWest Bancorp (PACW.O) down 2% after the bell while Western Alliance (WAL.N) was down 0.7%. "The rest of the regional bank system feels like it's in a different place than where FRC is," he said.

Guggenheim Securities is advising the U.S. Federal Deposit Insurance Corp (FDIC) on the sale process, two sources familiar with the matter said. The process kicked off this week after First Republic, which got swept up in a banking crisis last month, failed to come up with a deal without government help, three of the sources familiar with the situation said. A deal for First Republic would come less then two months after Silicon Valley Bank and Signature Bank failed amid a deposit flight from U.S. lenders, forcing the Federal Reserve to step in with emergency measures to calm markets. A sale would bring to an end a weeks-long effort by First Republic to survive the market rout. When that deal failed to stabilize First Republic, the lender, known best for its rich clientele, tried to find other private-sector solutions.

☆ FDIC prepares to place First Republic under receivership -source
▼ + stars: | 2023-04-28 | by ( Greg Roumeliotis | ) www.reuters.com time to read: +3 min

NEW YORK (Reuters) -The U.S. Federal Deposit Insurance Corporation (FDIC) is preparing to place First Republic Bank under receivership imminently, a person familiar with the matter said on Friday, sending shares of the lender down nearly 50% in extended trading. A person stands in front of a First Republic Bank branch in San Francisco, California, U.S. April 28, 2023. First Republic said earlier this week its deposits had slumped by more than $100 billion in the first quarter. First Republic and FDIC representatives did not immediately respond to requests for comment. Shares of some other regional banks also fell with PacWest Bancorp down 2% after the bell while Western Alliance was down 0.7%.

Microsoft shares rallied 7.2% following upbeat quarterly earnings and sales, including of robust artificial intelligence products. The Dow Jones Industrial Average (.DJI) fell 228.96 points, or 0.68%, to 33,301.87; and the S&P 500 (.SPX) lost 15.64 points, or 0.38%, at 4,055.99. The S&P 500 technology index (.SPLRCT) was the sole gainer among the benchmark's 11 major industry sectors, adding 1.7%. Of the 163 S&P 500 companies that reported first-quarter profit through Wednesday morning, 79.8% topped analysts' expectations, as per Refinitiv IBES data. It helped push the S&P 500 bank index (.SPXBK) down 1.4% on the day.

SummarySummary Companies Microsoft up as quarterly results top estimatesAlphabet gains on buyback plans, ad sales beatActivision Blizzard down as UK blocks Microsoft dealIndexes: Dow slips 0.01%, S&P up 0.30%, Nasdaq climbs 1.23%April 26 (Reuters) - The tech-heavy Nasdaq advanced on Wednesday as strong results from Microsoft and Alphabet offset concerns over rising interest rates and their effect on the U.S. economy. Earnings forecasts have improved, with analysts expecting a 3.2% contraction in first-quarter profit for S&P 500 companies compared with a 5.2% decline estimated at the start of the earnings season. Of the 163 S&P 500 companies that reported first-quarter profit through Wednesday, 79.8% topped analysts' expectations, as per Refinitiv IBES data. PacWest Bancorp (PACW.O) gained 14.2% as the regional lender beat estimates for first-quarter profit and managed to stabilize deposit outflows. The S&P index recorded five new 52-week highs and seven new lows, while the Nasdaq recorded 42 new highs and 300 new lows.

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