FORT WORTH, Texas—Airline stocks tumbled Wednesday after American Airlines issued a lackluster outlook that appeared to amplify fears that travel demand, which has surged for the past year, could finally be slowing in the face of inflation and economic uncertainty. American said that it expects to report a small profit for the first quarter, but…
First Citizens Shares Soar After Announcing Deal to Buy Failed Silicon Valley Bank
The share price of First Citizens Bank has soared this week following news that it would buy much of the failed Silicon Valley Bank (SVB) in the wake of its collapse. The bank, one of the nation’s largest regional financial institutions, saw its shares reach a record high on March 28, rising by as much as 7.2…
Deutsche Bank Shares Rebound as Stress on Banking Sector Eases
Deutsche Bank shares rebounded on March 27 after plummeting by as much as 16 percent on Friday, suggesting investors may be feeling slightly more optimistic about the current state of the European banking industry. Shares of Germany’s largest bank were up 6.3 percent as of 15:04 p.m. in Frankfurt, while other European banking stocks, including Commerzbank AG, Barclays…
Credit Suisse Borrows $53 Billion From Swiss Central Bank After Shares Pummelled
Credit Suisse has taken Switzerland’s central bank up on its offer to borrow up to 50 billion Swiss Francs ($53.7 billion) after the Swiss National Bank (SNB) vowed to grant it a liquidity lifeline “if necessary.” In a statement, Credit Suisse said it was taking “decisive action to pre-emptively strengthen liquidity” after shares of the Swiss lender plunged by…
Volkswagen Invests in Batteries, Raw Materials in Race for Affordable EV
BERLIN—Volkswagen plans to invest 180 billion euros ($193 billion) over five years in areas including battery production and raw material sourcing in a bid to cut electric vehicle costs and protect its market share, it said on Tuesday. Over two-thirds of the company’s five-year investment budget announced on Tuesday is allocated to electrification and digitalization,…
Bank With Over $176 Billion in Deposits Shows Ominous Sign
March 13, 2023
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Shares of First Republic Bank plunged more than 60 percent in premarket trading on March 13, despite the lender reassuring customers that their deposits are safe amid concerns surrounding the collapse of Silicon Valley Bank (SVB) and Signature Bank. In an email to clients on Sunday, First Republic Founder and Executive Chairman Jim Herbert and CEO and President…
First Republic Bank Shares Crash 60 Percent as Financial Stability Jitters Spread
March 13, 2023
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Shares of First Republic Bank plunged more than 60 percent in premarket trading on March 13, despite the lender reassuring customers that their deposits are safe amid concerns surrounding the collapse of Silicon Valley Bank (SVB) and Signature Bank. In an email to clients on Sunday, First Republic Founder and Executive Chairman Jim Herbert and CEO and President…
Credit Suisse Shares Hit New Low
March 13, 2023
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ZURICH—Credit Suisse shares hit a new record low in morning trading on Switzerland’s stock exchange. Bank shares in Europe and Asia plunged on Monday as the collapse of startup-focused Silicon Valley Bank continued to batter markets, while U.S. large banks failed to hold onto a brief premarket rally after authorities moved to stem the contagion….
SVB Chief Sold $3.6 Million in Stock Shortly Before Bank’s Collapse
Documents show that the CEO of Silicon Valley Bank (SVB) sold $3.6 million in shares of the failed financial institution’s parent company several weeks before its collapse—the biggest U.S. bank failure since 2008 that sent a shudder of anxiety across markets. A filing with the Securities and Exchange Commission (SEC) shows that Greg Becker, who joined…
H&M Shares Drop as September–November Sales Fail to Impress
COPENHAGEN—Shares in H&M, the world’s second-biggest fashion retailer, fell 4.5 percent in early Thursday trade as a 10 percent rise in net sales in the September–November quarter failed to match a recent pick up in some analysts’ expectations. H&M, which has struggled to keep up with bigger rival Zara, last month became the first big…
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