DIRS.INFO The most relevant business & tech news

☆ Stocks making the biggest midday moves: Coinbase, First Citizens, Roku and more
▼ + stars: | 2023-03-27 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

First Citizens BancShares — The Raleigh, NC-based bank soared 50% after agreeing to buy Silicon Valley Bank's deposits and loans. Roku — Shares of the media platform jumped more than 4% after Susquehanna upgraded it to positive from neutral. The Wall Street firm said it continues to see Roku as "a prime beneficiary of the secular shift of linear budgets." It reaffirmed revenue of $2.95 billion to $3 billion, compared to $3 billion expected by analysts, per StreetAccount. Marqeta — The payments stock jumped nearly 10% after Wolfe Research upgraded it to outperform from peer perform.

☆ Stocks making the biggest moves premarket: Pinterest, First Citizens, Caterpillar & more
▼ + stars: | 2023-03-27 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Pinterest — Pinterest gained 4.3% after UBS upgraded the social media stock to buy and said shares could pop more than 25% as the company improves its advertising strategy. First Republic , PacWest — Regional bank stocks were moving higher on Monday following a report from Bloomberg News that U.S. authorities were considering expanding government support for banks to provide additional liquidity. Shares of First Republic jumped 23% in premarket trading, while PacWest Bancorp rose about 9%, and Western Alliance gained 5%. KeyCorp — KeyCorp gained 6.8% after Citi upgraded the stock to buy from neutral. Corning — Shares advanced 2.3% after Deutsche Bank upgraded Corning to buy from hold.

☆ Futures edge higher as SVB deal soothes bank fears
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures up: Dow 0.31%, S&P 0.34%, Nasdaq 0.17%March 27 (Reuters) - U.S. stock index futures edged higher on Monday after a buyout deal for failed Silicon Valley Bank's deposits and loans helped soothe some jitters around severe stress in the banking sector. First Citizens BancShares Inc (FCNCA.O) said on Monday it will acquire parts of Silicon Valley Bank (SIVB.O), the collapse of which earlier this month marked the largest bank failure since the 2008 financial crisis, unleashing fears about a liquidity crunch in the sector. Other regional banks Western Alliance Bancorp (WAL.N) and PacWest Bancorp (PACW.O) also climbed 5.4% and 9.2%, respectively. Shares of major U.S. banks JPMorgan Chase & Co (JPM.N), Citigroup (C.N) and Bank of America (BAC.N) advanced between 0.8% and 1.4%. While the Silicon Valley Bank deal has helped instill some confidence in the banking sector's stability, concerns about a bigger crisis have not abated completely, analysts said.

☆ Wall Street ends volatile week higher as Fed officials ease bank fears
▼ + stars: | 2023-03-24 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

"Wall Street is taking its cues from Washington and other capitals as it relates to interest rates and banking regulations." "The Fed may be jaw-boning a bit as it says more rate increases may be coming this year," JPMorgan's Carter added. Worries over potential contagion beyond regional banks threatening to spread to their larger peers was sparked by a sell-off of European bank shares. While the S&P Bank index (.SPXBK) ended modestly lower, the KBW Regional Bank index (.KRX) jumped 2.9%. Regional lenders PacWest Bancorp , Western Alliance Bancorp (WAL.N) jumped 3.2% and 5.8%, respectively, while First Republic Bank (FRC.N) dropped 1.4%.

Shares of major U.S. banks JPMorgan Chase & Co (JPM.N), Wells Fargo (WFC.N) and Bank of America (BAC.N) dropped more than 2% in premarket trade. Shares of regional lenders First Republic Bank (FRC.N), PacWest Bancorp (PACW.O), Western Alliance Bancorp (WAL.N) and Truist Financial Corp (TFC.N) fell between 2.1% and 2.8%. European banks also came under pressure, with a report of a U.S. probe on Credit Suisse and UBS (UBS.N) further souring the mood. ET, Dow e-minis were down 304 points, or 0.94%, S&P 500 e-minis were down 31.5 points, or 0.79%, and Nasdaq 100 e-minis were down 59 points, or 0.46%. Reporting by Amruta Khandekar and Ankika Biswas; Editing by Sriraj Kalluvila and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

The fresh price falls in Europe came as investors were looking to see how far U.S. authorities would go to shore up the banking sector, particularly fragile regional lenders. REUTERS/Dado Ruvic/Illustration/File Photo 1 2CDS surge on banking sector turmoilUBS CHALLENGESThe global banking sector has been shaking since the sudden collapse this month of SVB and Signature Bank. But the worries spread quickly, and on Sunday UBS (UBSG.S) was rushed into taking over Swiss rival Credit Suisse after it lost the confidence of investors. Separate sources told Reuters that UBS has promised retention packages to Credit Suisse wealth management staff in Asia to stem a talent exodus. Standard Chartered (STAN.L) Chief Executive Bill Winters said on Friday the wipeout of Credit Suisse bondholders had "profound" implications for global bank regulations.

Traders' bets are almost equally split between the Fed pausing its rate hikes in May and another 25 bps hike, according to CME Group's Fedwatch tool. Communication services (.SPLRCL) and information technology (.SPLRCT) led the gains among the S&P 500 sector indexes, all of which rose, except utilities (.SPLRCU). Bank of America (BAC.N) and UBS (UBS.N) now see the Fed funds rate target peaking at 5-5.25% in May compared to earlier forecasts of 5.25-5.5%. Advancing issues outnumbered decliners by a 3.62-to-1 ratio on the NYSE and 3.27-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and five new lows, while the Nasdaq recorded 17 new highs and 27 new lows.

Bank of America (BAC.N) and UBS (UBS.N) now see the Fed funds rate target peaking at 5-5.25% in May compared to earlier forecasts of 5.25-5.5%. Nvidia Corp (NVDA.O) rose 1.9% after Needham raised its price target on the chipmaker on likely benefit from near-term data center strength. ET is expected to show a rise in jobless claims last week, hinting at some cooling in labor demand. Regeneron Pharmaceuticals Inc (REGN.O) jumped 8.6% on promising results on its blockbuster asthma drug Dupixent from a lung disease trial. Reporting by Amruta Khandekar and Ankika Biswas in Bengaluru; Editing by Savio D'Souza and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Piper Sandler says this struggling bank stock is not the next SVB, buy the dip
▼ + stars: | 2023-03-23 | by ( Jesse Pound | ) www.cnbc.com time to read: +2 min

PacWest Bancorp has withstood large withdrawals in deposits, and the regional bank stock is now set up for a rebound, according to Piper Sander. PacWest was one of several regional banks that saw deposits pulled by customers in the aftermath of the failure of Silicon Valley Bank. PACW 1M mountain PacWest's stock has dropped sharply since the failure of SVB. The company also said Wednesday that deposits have stabilized and that it had decided against a capital raise. Piper Sandler has a price target of $33 per share for PacWest, which is more than 200% above where the stock closed on Wednesday.

☆ Futures climb as hopes of a Fed pause gain steam
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

The Federal Reserve raised rates by 25 basis points, as expected, on Wednesday but its policy statement no longer said "ongoing increases" would likely be appropriate. ET, Dow e-minis were up 158 points, or 0.49%, S&P 500 e-minis were up 27.5 points, or 0.69%, and Nasdaq 100 e-minis were up 123.25 points, or 0.97%. Those pre-market gains helped boost futures for the tech-heavy Nasdaq. ET is expected to show a rise in jobless claims last week, hinting at some cooling in labor demand. Reporting by Amruta Khandekar; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ US stocks rise as fresh jobs data continues to show no sign of labor market weakness
▼ + stars: | 2023-03-23 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

US stocks edged higher on Thursday after weekly jobless claims data showed continued resilience in the US labor market. Jobless claims fell to 191,000 last week, below economist estimates of 197,000. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. Weekly jobless claims fell 1,000 from the prior week to 191,000, below consensus estimates of 197,000. The strength in the labor market continues even as high-profile tech companies like Amazon and Meta Platforms announce further steep job cuts.

ET (1800 GMT), with investors keenly awaiting Chair Jerome Powell's conference at 2:30 p.m. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 16, 2023. REUTERS/Brendan McDermidHowever, a scramble by troubled regional U.S. lender First Republic Bank (FRC.N) to secure a capital infusion has kept alive some worries about the banking sector. Declining issues outnumbered advancers by a 1.13-to-1 ratio on the NYSE and by a 1.44-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and six new lows, while the Nasdaq recorded 27 new highs and 75 new lows.

The U.S. central bank's two-day policy meeting will end at 2 p.m. ET to gauge the central bank’s rate-hike trajectory. U.S. Treasury yields rose, with the yield on the two-year note, which best reflects interest rate expectations, last at 4.212%. Declining issues outnumbered advancers by a 1.56-to-1 ratio on the NYSE a 1.75-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week high and four new lows, while the Nasdaq recorded 13 new highs and 34 new lows.

The U.S. central bank's two-day policy meeting will end at 2 p.m. ET (1800 GMT), with investors keenly awaiting Fed Chair Jerome Powell's conference at 2:30 p.m. ET to gauge the central bank’s rate-hike trajectory. While the central bank is likely to continue its hiking cycle with a 0.25% move, we think the guidance for future meetings will be considerably more open," said Gabriele Foà, co-portfolio manager at Algebris Investments. ET, Dow e-minis were up 24 points, or 0.07%, S&P 500 e-minis were up 1.5 points, or 0.04%, and Nasdaq 100 e-minis were down 12.75 points, or 0.1%.

☆ Futures edge lower on caution ahead of Fed rate decision
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

The expected rate hike of 25 basis points is a turnaround from the steep 50 basis points rate rise anticipated before the recent banking turmoil, triggered by the recent collapse of two regional banks. Markets will also be watching out for a news conference by Fed Chair Jerome Powell following the interest rate decision, looking for cues about the central bank's future path in his commentary. U.S. Treasury yields inched lower amid the cautious mood, with that on the two-year note last at 4.13%. ET, Dow e-minis were down 57 points, or 0.17%, S&P 500 e-minis were down 9.5 points, or 0.24%, and Nasdaq 100 e-minis were down 54.75 points, or 0.43%. Shares of GameStop Corp (GME.N) jumped 38.9% after the company posted a surprise profit for the fourth quarter, helped by lower costs and job cuts.

☆ PacWest falls 17% after regional bank discloses deposit outflows, additional liquidity
▼ + stars: | 2023-03-22 | by ( Jesse Pound | ) www.cnbc.com time to read: +1 min

In this article PACW Follow your favorite stocks CREATE FREE ACCOUNTA Pacific Western Bank branch in Los Angeles, California, US, on Friday, March 10, 2023. Eric Thayer | Bloomberg | Getty ImagesShares of regional bank PacWest Bancorp dropped Wednesday after the company disclosed it had shed more than $6 billion in deposits during the recent squeeze on midsized banks, though PacWest said it did not plan to raise more capital. The change appears to have largely come from venture banking deposits, which accounted for a third of PacWest's deposits at the end of December and now stand at just 24%. The stock extended its losses after the Federal Reserve's announced another rate hike. Stock Chart Icon Stock chart icon PacWest shares were under pressure after revealing deposit outflows.

☆ Regional bank shares fall as Fed persists with rate hikes despite industry turmoil
▼ + stars: | 2023-03-22 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Regional bank stocks spiraled lower Wednesday as investors weighed the Federal Reserve's latest interest rate hike and commentary about the health of U.S. financial institutions. The SPDR S&P Regional Bank ETF (KRE) closed down 5.7%. The fate of regional banks has been in question since the closure of Silicon Valley Bank sparked a broader industry crisis. "The U.S. banking system is sound and resilient," the FOMC said in its statement. Adding to the drop in regional bank shares were comments from Treasury Secretary Yellen, who told the U.S. Senate appropriations subcommittee that the U.S. was not currently working on "blanket insurance" for bank deposits.

☆ Insiders in the banking sector scoop up shares during spreading crisis
▼ + stars: | 2023-03-22 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Insiders in the banking sector snapped up shares of their own companies in what could be a show of faith as the unfolding crisis sent stocks sharply lower. The collapse of Silicon Valley Bank, Signature Bank and Silvergate Capital prompted regulators to provide emergency rescue actions that calmed immediate funding concerns. Stephens Bank said about 40% of banks in its coverage have disclosed insider purchases since March 6. A total of 11 insiders at Valley National Bancorp bought shares in the past two weeks, including purchases by its CEO and several directors. PacWest shares have rebounded 9% this week, but are still down 63% this month.

March 21 (Reuters) - Investors on Tuesday took some heart from the rescue of troubled lender Credit Suisse by its Swiss rival UBS (UBSG.S), though concerns lingered about the risk of shockwaves further damaging credit markets and smaller U.S. banks. "The current situation in U.S. regional banks and Credit Suisse has raised concerns about contagion risk," said Grace Tam, chief investment advisor Hong Kong at BNP Paribas Wealth Management. Credit Suisse CEO Ulrich Koerner, who was expected to attend the conference, however, dropped out and the event was closed to media after the weekend rescue. Shares in First Republic Bank (FRC.N) halved on Monday on worries that last week's $30 billion infusion of capital would not be enough. The regulators said owners of this type of debt would only suffer losses after shareholders have been wiped out - unlike at Credit Suisse, whose main regulators are in Switzerland.

☆ Wall Street ends green on bank bounce as Fed takes focus
▼ + stars: | 2023-03-21 | by ( Stephen Culp | ) www.reuters.com time to read: +5 min

Still, despite its recent resurgence, the S&P Banks index has lost more than 18% of its value just this month. "The Fed will raise interest rates by 25 basis points and the market won't care," Pursche added. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 20, 2023. The S&P 500 posted 5 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 48 new highs and 114 new lows. Volume on U.S. exchanges was 11.75 billion shares, compared with the 12.63 billion average over the last 20 trading days.

March 20 (Reuters) - Shares of First Republic Bank (FRC.N) closed 47% lower on Monday, adding to recent losses as concerns about its liquidity continued to worry investors despite a $30 billion influx of deposits last week. The bank's stock fell as much as 50% and closed at $12.18 after the New York Stock Exchange halted it several times due to volatility. S&P Global downgraded First Republic deeper into junk status on Sunday and said the recent cash infusion from 11 large U.S. banks last week may not solve its liquidity problems. A First Republic Bank branch is pictured in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. First Republic Bank's stock market collapseFirst Republic's stock market value has collapsed by over 80% in the past 10 trading sessions due to fears of a bank run as a large proportion of the lender's deposits are uninsured.

March 20 (Reuters) - Shares of U.S. lender First Republic tumbled nearly 50% on Monday on fears it will need a second rescue to stay afloat, bucking a broader rally in bank shares driven by UBS Group's state-backed takeover of Credit Suisse. "First and foremost, the Credit Suisse, UBS merger certainly takes a lot of stress out of the global banking system." The 3 billion Swiss franc ($3.2 billion) deal for the troubled Swiss bank - which was once worth more than $90 billion - was engineered by Swiss regulators and announced on Sunday. European bank shares (.SX7P) rebounded from recent losses, while on Wall Street the S&P 500 banks (.SPXBK) index recovered 0.6%. [1/2] Buildings of Swiss banks UBS and Credit Suisse are seen on the Paradeplatz in Zurich, Switzerland March 20, 2023.

☆ Wall St ends higher as bank contagion fears ease, Fed eyed
▼ + stars: | 2023-03-20 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

UBS late on Sunday agreed to buy rival Credit Suisse (CSGN.S), for $3.23 billion, in a merger engineered by Swiss authorities to avoid more turmoil in the banking group. The S&P Banking index (.SPXBK) and the KBW Regional Banking index (.KRX) were higher following sharp losses last week. The collapse of Silicon Valley Bank and Signature Bank (SBNY.O) shook markets earlier this month. "Where it is another bank coming in, that is the kind of headline that helps underpin confidence in the banking system," Krosby said. The Credit Suisse takeover helped the market, but U.S.-listed shares of Credit Suisse were down sharply on Monday, while UBS Group shares were up.

Traders have raised bets of the Fed likely hitting a pause on rate hikes on Wednesday to ensure financial stability as bank sector troubles triggered by the collapse of Silicon Valley Bank and Signature Bank (SBNY.O) threaten to snowball. Over the weekend, UBS (UBS.N) agreed to buy rival Credit Suisse for $3.23 billion, in a merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking. U.S.-listed shares of Credit Suisse plummeted 48.5% to hit a fresh record low, while UBS reversed premarket declines to rise 7.8%. PacWest Bancorp (PACW.O) jumped 21% after the bank said deposit outflows had stabilized, while New York Community Bancorp (NYCB.N) also gained 33% after the bank's unit agreed to buy deposits and loans from Signature Bank. The S&P Banking index (.SPXBK) and the KBW Regional Banking index (.KRX), which on Friday had logged their largest two-week drop since March 2020, rose 1.4% and 3.2%, respectively, in early trade.

Over the weekend, UBS (UBS.N) agreed to buy rival Credit Suisse for $3.23 billion, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking. U.S.-listed shares of Credit Suisse were down 58.4% in premarket trading and set to open at a fresh record low, while those of UBS were down 3.6%, as focus shifted to the hit to some Credit Suisse bondholders from the acquisition. "Investors are still worried about the banking industry, even though UBS has agreed to take over Credit Suisse. Regional bank First Republic Bank (FRC.N) was down 19.1% after paring some declines, while peer Western Alliance Bancorp (WAL.N) edged 0.7% lower. The S&P Banking index (.SPXBK) and the KBW Regional Banking index (.KRX) on Friday logged their largest two-week drop since March 2020.

Search resuls for: "T Bancorp"

25 mentions found