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

Peter Nurse/Investing.comStock Markets
Published Mar 24, 2023 07:31AM ET Updated Mar 24, 2023 08:07AM ET
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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.
First Republic, Deutsche Bank, Chevon, Block fall premarket; Regeneron rises
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Comments (10)
Maximus Maximus
Maximus Maximus Mar 24, 2023 10:34AM ET
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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..
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Stephen Boyle
Stephen Boyle Mar 24, 2023 10:34AM ET
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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...
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Stan Smith
Stan Smith Mar 24, 2023 9:38AM ET
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Deutsche Bank next...and we were told 'banking fears were cooling' DYOD...this is just going to get worse
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Chad Richer Than You
Chad Richer Than You Mar 24, 2023 9:20AM ET
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Credit is freezing up. Housing bubble collapse is going to be epic
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Stephen Boyle
Stephen Boyle Mar 24, 2023 9:20AM ET
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Housing is fine this time. Demand for available affordable houses outstrips supply by about 10:1, that is why we have housing inflation despite the Fed raising rates. Nobody with a 2.75% fixed mortgage is moving or going to lose their house.
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Chad Richer Than You
Chad Richer Than You Mar 24, 2023 9:20AM ET
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Stephen Boyle inventory was at all time lows in 2006
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Stephen Boyle
Stephen Boyle Mar 24, 2023 9:20AM ET
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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.
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Brad Albright
Brad Albright Mar 24, 2023 9:20AM ET
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Stephen Boyle You are correct.
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Maximus Maximus
Maximus Maximus Mar 24, 2023 9:20AM ET
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chad the fear-monger..
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Jan Vissers
Jan Vissers Mar 24, 2023 9:03AM ET
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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.
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Stephen Boyle
Stephen Boyle Mar 24, 2023 9:03AM ET
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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.
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Bill Riley
Bill Riley Mar 24, 2023 9:01AM ET
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Gold and long term treasuries is the place to be this year.
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Derick Lim
Derick Lim Mar 24, 2023 8:46AM ET
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By Monday everything's gonna be alright after analysts churning out manipulative deceptive reinterpreted news over the weekend..
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Brad Albright
Brad Albright Mar 24, 2023 8:46AM ET
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Yeah, because it is all a big conspiracy and everybody is in on it but you.
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Chad Richer Than You
Chad Richer Than You Mar 24, 2023 8:33AM ET
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Buy gold and gold mining stocks. Easiest investment of your life.
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me ish
me ish Mar 24, 2023 8:33AM ET
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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
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Andre Luiz
Andre Luiz Mar 24, 2023 8:30AM ET
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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
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Mar 24, 2023 8:30AM ET
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Americans should stop buying things they CANT afford. They are the biggest root of the problem in the world.
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Warm Camp
Warm Camp Mar 24, 2023 8:25AM ET
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This is not “banks only”. The whole economy is in stagflation spiral.
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Brad Albright
Brad Albright Mar 24, 2023 8:25AM ET
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Stephen Boyle U.S. GDP was $25.5T last year, compared to $21.0T the year before. Your point?
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Brad Albright
Brad Albright Mar 24, 2023 8:25AM ET
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Stephen Boyle I'd like to evaluate the veracity of your claim that more Americans are struggling than at any time in the last 40+ years. What metric are you using? Inflation-adjusted earnings are at the third highest in 40 years and unemployment is at a 53 year low. So you must be looking at some other data.
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Stephen Boyle
Stephen Boyle Mar 24, 2023 8:25AM ET
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Brad Albright source Brad? Powell said the other day that 2022 GDP growth was 0.9%.
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Stephen Boyle
Stephen Boyle Mar 24, 2023 8:25AM ET
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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.
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Brad Albright
Brad Albright Mar 24, 2023 8:25AM ET
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Stephen Boyle Okay. I made a mistake taking you seriously.
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Prakash Raja
Prakash Raja Mar 24, 2023 8:15AM ET
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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.
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Warm Camp
Warm Camp Mar 24, 2023 8:15AM ET
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All western banks have been nationalized long time ago. They just do not inform sheep about this.
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Gio Gvazava
giorgius Mar 24, 2023 8:15AM ET
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Panic Panic Panic
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