Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Credit Suisse offers big blocks of Discovery, iQIYI shares related to Archegos: sources

Stock MarketsApr 13, 2021 07:15PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Logo of Swiss bank Credit Suisse is seen in Zurich

(Reuters) - Credit Suisse (SIX:CSGN) put large blocks of shares in media company Discovery (NASDAQ:DISCA) Inc and iQIYI Inc on the market after regular trading ended on Tuesday, multiple sources said, as the bank continued unwinding positions related to last month’s meltdown of Archegos Capital.

Credit Suisse has not yet finished unwinding its Archegos positions, said one source familiar with the matter. The bank has taken a $4.7 billion hit from dealings with Archegos Capital, prompting it to overhaul the leadership of its investment bank and risk divisions.

Shares in Discovery and IQIYI fell in U.S. afterhours trading after news the offers, which were pitched below the stocks' closing prices.

The bank put 19 million class A shares and 22 million class C shares of Discovery on the market as well as 35 million U.S.-listed shares of iQIYI, a China-based online entertainment company, shortly after the close according to two market sources. CNBC first reported the share offer.

The sources said the pricing range for the offer of Discovery class A shares was $38.40-$39.60 compared with a $40.38 closing price in the regular session. DISCA fell 3.7% in after hours trading.

Credit Suisse offered the Discovery C shares with a $32.35-$33.75 price range compared with its $34.78 closing price. The DISCK C shares fell more than 5% in after hours trading.

It offered the iQIYI shares $15.85-$16.35 after it closed at $16.66, sending that stock down 3.4% in after the bell trading.

A Credit Suisse representative declined to comment.

Last week the company offered big blocks of shares in ViacomCBS (NASDAQ:VIAC), Vipshop (NYSE:VIPS) Holdings Ltd and Farfetch (NYSE:FTCH) Ltd, also related to the Archegos unwinding.

Credit Suisse offers big blocks of Discovery, iQIYI shares related to Archegos: sources
 

Related Articles

Expedia Earnings, Revenue Beat in Q1
Expedia Earnings, Revenue Beat in Q1 By Investing.com - May 06, 2021

Investing.com - Expedia (NASDAQ:EXPE) reported on Thursday first quarter earnings that beat analysts' forecasts and revenue that topped expectations. Expedia announced earnings...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email