Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

First Republic, Deutsche Bank, Chevon, Block fall premarket; Regeneron rises

AuthorPeter Nurse
Published 03/24/2023, 07:31 AM
Updated 03/24/2023, 08:07 AM
© Reuters.

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Friday, March 24th. Please refresh for updates.

  • First Republic Bank (NYSE:FRC) stock fell 4.8%, PacWest Bancorp (NASDAQ:PACW) stock dropped 2.8%, and Western Alliance (NYSE:WAL) stock fell 3.4% as turbulence in the banking sector continued.

  • Deutsche Bank (NYSE:DB) stock fell 11% after a record surge in the cost of insuring against the risk of a default from the German lender late in the previous day.

  • Block (NYSE:SQ) stock fell 2.3%, continuing to drop after losing 15% on Thursday in the wake of short-sellers Hindenburg Research accusing the payments firm of systematically misleading its investors and clients and avoiding regulation. Block denied the accusations, saying it is considering legal action.

  • Chevron (NYSE:CVX) stock fell 2.1% and Exxon Mobil (NYSE:XOM) stock fell 2.1% after crude prices fell sharply, dropping to the lowest levels this week after the U.S. government backed away from its intention to immediately refill the Strategic Petroleum Reserve.

  • Regeneron (NASDAQ:REGN) stock rose 0.2%, outperforming the wider market after Jefferies upgraded its stance on the pharmaceutical company to ‘buy’ from ‘hold’, saying its Dupixent drug could drive shares 15% higher.

  • Ford (NYSE:F) stock fell 1.5% after the auto giant announced plans to build up to 500,000 electric trucks a year at its BlueOval City complex under construction in western Tennessee.

  • Coinbase (NASDAQ:COIN) stock fell 3.9% after Oppenheimer downgraded the cryptocurrency exchange to ‘perform’ from ‘outperform’ the day after the U.S. SEC informed the company of the possibility of an enforcement action involving some of its products.

  • Ouster (NYSE:OUST) stock fell 8.1% after the lidar maker reported a widening of its quarterly net loss, even as CEO Angus Pacala forecast savings with its Velodyne merger.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

storm in a teacup.. this is nothing like 2008, banks are more solid now except for a few mismanaged exceptions. this is only the yellowbellies' weekly panick-run..
Nobody knows what's on the balance sheets. The 2020-22 bond market is completely underwater. The government debt is 4x what it was in 2008, it's not just the banks that are a concern...
Deutsche Bank next...and we were told 'banking fears were cooling' DYOD...this is just going to get worse
Credit is freezing up. Housing bubble collapse is going to be epic
supply and demand wasn't so out of whack, and the whole market was financed by negative amortization loans, 1% teasers, short term ARMs, etc. with resets at a much higher rate. That's not the case this time.
You are correct.
chad the fear-monger..
Now we have to wait for the first big systemisch bank to fail. Deutsche Bank perhaps, or another Financial player like Blackstone with high stakes in commercial real estate.
There are about 15 regional banks poised to fail. Yellen and Powell are dinosaurs, they are part of the system that created the mess, now we're supposed to be confident that they can effectively clean it up? Anybody can throw $5t+ at it. They're so out of touch with reality.
By Monday everything's gonna be alright after analysts churning out manipulative deceptive reinterpreted news over the weekend..
Yeah, because it is all a big conspiracy and everybody is in on it but you.
Buy gold and gold mining stocks. Easiest investment of your life.
yeah, but DCA in - over next six months, I'd expect a big drop in the stock market and mining stocks are likely to also take a hit due to forced margin call selling
FED and Powell are to blame for breaking the bank in Germany. Because their Central Bank is not lowering their interest rates. FED is a big bad guy. lol
Americans should stop buying things they CANT afford. They are the biggest root of the problem in the world.
This is not “banks only”. The whole economy is in stagflation spiral.
source Brad? Powell said the other day that 2022 GDP growth was 0.9%.
well for one, total credit card debt just reached a record $931 billion, a 19% increase YOY. The macro numbers are based on a falsity, we're on an unsustainable path. Especially the bottom 50% who don't pay taxes and rely on record government stimulus.
Okay. I made a mistake taking you seriously.
credit suisse was already a disaster for past several years. DB another big underperforming stock from 140 to 10 - 20 band past 15 years. how is this news at all ? in the name of news only panic is getting created. these were banks which should have got merged or nationalized way back.
All western banks have been nationalized long time ago. They just do not inform sheep about this.
Panic Panic Panic
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.