![]() GameStop's (GME) stock extended its sharp bounce Tuesday off a two-year low after its earnings report, FactSet data show. skyrocketed after the consumer electronics and video games seller reported a surprise fiscal fourth-quarter profit. soared in premarket trading Wednesday, as fellow "meme stock" GameStop Corp. Shares of AMC Entertainment Holdings Inc. ![]() ![]() Tomi Kilgore and Wallace Witkowski contributed to this report.Shares of AMC and Bed Bath & Beyond soared in premarket trading Wednesday, as fellow "meme" stock GameStop skyrocketed after the consumer electronics and video games seller reported a surprise fiscal fourth-quarter profit and is now being sold with bids due this week. Silicon Valley Bank was taken over the the Federal Deposit Insurance Corp. “We believe that Stifel is the best place for us to continue our mission of providing best-in-class financial services to entrepreneurs and their investors,” Moseley, Trotter and Wilson said in a prepared joint statement. Stifel Chairman and CEO Ron Kruszewski said the move marks the bank’s “commitment to growth companies, venture capital, and the entire innovation ecosystem.” Stifel said the three new hires will join fellow bankers Brad Ellis and Nat Stone as members of a five-person operating committee. Jake Moseley, Matt Trotter, and Ted Wilson have joined the bank as managing directors, with leadership roles in Stifel’s venture banking unit based in the San Francisco Bay area. Stock rose 0.4% after it said Thursday it’s expanding its venture capital lending unit by hiring three “key” partners formerly with Silicon Valley Bank. The stock closed at $31.91 a share on Wednesday in an ugly day for bank stocks, which have been hard-hit in the wake of the Silicon Valley Bank’s demise earlier this month. Western Alliance Bancorp stock WAL rose about 0.2%. Western Alliance Bancorp drew praise Thursday for its discounted price and “strong earnings engine” as financial advisor Hovde Group initiated coverage of the beaten-down bank stock with an outperform rating. To $50 from $86, while Zions Bancorp was reduced to $35 from $59.Ĭomerica’s price target was cut down to $54 from $78. Truist also lowered its price targets for Western Alliance Bancorp Price target to $13 from $29, while its earnings-per-share estimate was dropped to $1.45 from $3.27. “We are also anticipating less excess liquidity deployment as banks keep more balance sheet liquidity on hand,” King wrote. He believes continued credit tightening by the Federal Reserve will put further pressure on deposit flows and pricing. “e continue to forecast a recession later this year with incrementally higher NCOs, provisioning and reserve levels,” King wrote in a note to clients. Truist analyst Brandon King cut stock price targets and earnings estimates for a host of banks, on expectations that net interest margins will fall, loan growth will slow and credit costs will increase. Separately, First Republic said it no longer plans to pay its top executives a bonus this year.Īlso Read: First Republic won’t pay bonuses to executive officers this year “Furthermore, to the extent that FRC is required to repay the $30 billion at the end of its term, it will have to raise liquidity by selling assets.” “Fitch estimates that, due to the higher cost of funds, FRC is currently operating at a net loss that is not sustainable over the longer term absent a balance sheet restructuring,” the ratings agency said. Also Read: Citi CEO Jane Fraser sees no banking crisis afootįitch Ratings late Wednesday downgraded First Republic Bank’s debt rating three notches, following a downgrade last week.įitch downgraded the bank’s issuer default rating to “B” from “BB” and said despite $30 billion deposit payment by 11 banks last week, First Republic’s cost of borrowing is rising.
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