A person walks by the First Republic Bank headquarters on March 13, 2023 in San Francisco, California.
Justin Sullivan | Getty Images
Check out the companies making headlines in midday trading.
Credit Suisse — Shares of Credit Suisse plunged 25% after its biggest backer, Saudi National Bank, said it won’t provide the Swiss bank with further financial help. Credit Suisse and several other European banks, including Societe Generale, Italy’s Monte dei Paschi and UniCredit, were briefly halted from trading on Wednesday as prices plummeted amid the fallout from Silicon Valley Bank.
First Republic Bank — The regional bank stock tumbled 23%, giving back some of Tuesday’s gains as turmoil at Credit Suisse rattled the broader sector and S&P Global Ratings downgraded its debt rating to BB+ from A-. PacWest shares slid 20%, while Western Alliance shares were last up 2%.
U.S. banks — Major U.S. banks tumbled on Wednesday as unease over the latest crisis at Credit Suisse spooked some investors. JPMorgan Chase and Goldman Sachs fell 5%. Wells Fargo slipped 4%. Citigroup and Morgan Stanley shed more than 6% each.
Energy stocks — Major energy stocks took a hit as oil stooped to its lowest level in more than a year. Halliburton and Marathon Oil shed more than 10%. APA Corporation and Devon Energy dropped 9%. Diamondback Energy slumped 8%.
SentinelOne — The cybersecurity stock jumped more than 8% after posting a smaller-than-expected loss for the recent quarter.
New York Community Bancorp — The regional bank stock jumped more than 5%, bucking the broader sell-off trend in banking names. UBS assumed coverage of New York Community Bancorp with a buy rating, saying shares can jump 50%.
Smartsheet – The maker of work management software saw shares jump 15% after the company reported fourth-quarter earnings and revenue that beat analysts’ expectations, according to FactSet. Earnings guidance for the first quarter and full year also came ahead of Wall Street forecasts.
Atlas…
Read the full article here
