Shares traded higher on Thursday after a consortium of banks injected capital into the troubled First Republic Bank. Meanwhile, Swiss banking giant Credit Suisse said it would exercise an option to borrow up to 50 billion Swiss francs ($54 billion) from the country’s central bank.
The European Central Bank raised interest rates by half a percentage point despite volatility in the banking sector.
These stocks rose on Thursday
First Republic Bank (ticker: FRC) climbed 10% on Thursday. A consortium of 11 banks including Bank of America (BAC), Citigroup (C) and JPMorgan Chase (JPM) have agreed to deposit $30 billion in the California-based bank.
Credit Suisse’s (CS) American depository receipts ended flat on Wednesday after falling nearly 14% after the bank’s largest shareholder Saudi National Bank said it would not invest any more money in the lender. The news sent global bank shares spinning lower. It was up about 5% on Thursday.
protera (PTRA), the electric bus and battery maker, sank 54% after the warning raised doubts that it can survive in its current form.
Snap (SNAP), the parent of Snapchat, and Meta Platforms (META), which owns Facebook and Instagram, rose 7.4% and 3.6%, respectively, after The Wall Street Journal reported that the Biden administration had approved Chinese tech company ByteDance to enter the US. sought to sell. Popular short video service TikTok may be facing an offshoot or a possible ban.
Software company Adobe (ADBE) reported fiscal first-quarter earnings that topped Wall Street estimates, along with its own guidance. The company also boosted its fiscal year outlook. The stock climbed 5.9%.
UiPath (PATH) jumped 18% after fourth-quarter results topped expectations and the company issued a revenue outlook for the fiscal first quarter and year that beat Wall Street estimates.
Virgin Orbit (VORB) fell 30% after saying it would halt its operations, effective Thursday. The company, which is seeking to launch satellites as a commercial service, expects to provide an update on its operational pause in the coming weeks, a spokeswoman for the company told Dow Jones Newswires.
PagerDuty (PD), the event management software provider, reported record quarterly revenue of $101 million in the fiscal fourth quarter and stock soared 15%.
Block (SQ) at Mizuho was upgraded to Buy from Neutral, and the price target was raised to $93 from $80. Shares rose 1.4% to $75.09.
Signet Jewelers (SIG) soared 11% in the fourth quarter after the owner of the Gels and Jared jewelry chain’s adjusted earnings beat analyst forecasts.
FedEx (FDX) soared 4.5% ahead of its quarterly earnings report scheduled after the closing bell on Thursday.
dollar general (DG) fell 3% after the discount retailer reported fourth-quarter earnings of $2.96 versus $2.57 a year ago, but issued a disappointing profit outlook for the year.
FedEx (FDX) soared 4.5% ahead of scheduled quarterly earnings after the closing bell on Thursday.
Write to Joe Woelfel at [email protected]
Credit: www.marketwatch.com /