Check out the companies that are generating news in the noon trade.
First Republic — Shares of the regional bank fell more than 20% despite the fact that the company is poised to obtain assistance from other financial institutions. The industry is still under pressure. PacWest and Western Alliance both fell more than 13%, while KeyCorp fell 8%.
Credit Suisse — The Swiss bank’s U.S.-listed shares slumped about 11% on Friday, a day after jumping on reports the bank would borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank. The stock has had a tumultuous week following the announcement by Credit Suisse’s largest investor that it will not provide more funding to the bank.
Discovery by Warner Bros. Wells Fargo raised the stock to overweight from equal weight, resulting in a 2% rise for the media firm. The company’s debt-reduction measures were praised by the corporation.
FedEx — The shipping company’s stock increased by more than 8% after the company’s fiscal third-quarter profits exceeded analysts’ expectations. FedEx announced adjusted profits per share of $3.41, beating the Refinitiv average estimate of $2.73. The corporation also boosted its full-year earnings forecast.
Sarepta Therapeutics is a pharmaceutical company. The pharmaceutical name plunged nearly 20% after regulators said it will convene an advisory committee meeting for its SRP-9001 treatment for Duchene muscular dystrophy. The news raised doubts about the treatment’s future approval.
Nvidia – Nvidia shares rose more than 1% after Morgan Stanley upgraded the chipmaker from equal weight to overweight as corporations focus on AI advances. The bank stated that Nvidia’s AI narrative is “too compelling to ignore.”
Bumble – Shares of the dating app rose 3% after Citi launched covering with a buy rating and predicted that the stock might rise more than 20% as it gains market share.
Crypto stocks have risen in tandem with the price of bitcoin as the banking crisis this week has sparked renewed interest in cryptocurrency. Coinbase and Microstrategy both increased by 6% and 7%, respectively. Bitcoin miners gained ground as well, with Riot Platforms up 10%, Hut 8 up 6%, and Marathon Digital up 4%.