Investors breathed a sigh of relief after the Swiss National Bank announced it would provide a liquidity backstop to Credit Suisse.
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Check out the companies in the spotlight on the midday deal.
First Republic — Shares of the regional bank are down more than 20% even after the company received backing from other financial institutions. The industry continues to come under pressure. PacWest and Western Alliance also dropped more than 13% each, with KeyCorp down his 8%.
credit suisse — Swiss Bank’s US-listed shares fell almost 11% on Friday after surging on news that the bank would borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank. The stock had a volatile week after Credit Suisse’s biggest investor said it wouldn’t provide additional money to the bank.
warner bros discovery — Media companies are up 2% after Wells Fargo upgraded its shares from equal weight to overweight. The company said it liked the company’s debt reduction efforts.
FedEx — The shipping company saw its stock jump more than 8% after its fiscal third-quarter earnings beat analyst expectations. FedEx reported an adjusted earnings of $3.41 per share, beating Refinitiv’s consensus forecast of $2.73 per share. The company also revised its full-year earnings forecast upward.
Sarepta Therapeutics — The drug name fell nearly 20% after the regulator announced it would hold an advisory panel for SRP-9001, a drug for treating Duchenne muscular dystrophy. The news fueled concerns about the treatment’s eventual approval.
NVIDIA – Nvidia shares rose more than 1% after Morgan Stanley upgraded the chipmaker from equal weighting to overweight as companies focused on AI development. Banks said Nvidia’s AI narrative was “too strong to remain on the sidelines.”
After Bumble-City gave the company a buy rating, the dating app’s share price jumped 3%, and said the stock could rise by more than 20% as it gains market share.
Crypto Stocks – Crypto stocks rose alongside the price of Bitcoin as the banking crisis this week spurred renewed interest in crypto. Coinbase and Microstrategy rose 6% and 7% respectively. Bitcoin miners also saw big gains, with Riot Platforms up 10%, Hut 8 up 6% and Marathon Digital up 4%.
— CNBC’s Alex Harring, Tanaya Macheel, Michelle Fox and Samantha Subin contributed to the report.