By Liz Moyer
Investing.com -- Stocks were under pressure again as investors worried about the state of the banking system given dramatic events this week. Here are the midday movers for March 17.
- First Republic Bank (NYSE:FRC) shares fell 26% on Friday, a day after a group of large banks collectively deposited $30 billion in uninsured funds at the bank as a show of confidence. Investors are wary of banks despite government backstops for deposits at Silicon Valley Bank and Signature Bank, which both were closed last weekend. Credit Suisse Group (NYSE:CS) shares were down 7% despite the Swiss National Bank offering a borrowing line up to $54B.
- FedEx Corporation (NYSE:FDX) shares rose 8% after the logistics giant beat expectations for fiscal third-quarter earnings and raised its outlook for the year as cost cuts kick in.
Newmont Corp (NYSE:NEM) shares rose 4% as the gold mining company benefits from rising commodity prices. The price of gold is up more than 2% on Friday to near $1,960 an ounce.
- Bumble Inc (NASDAQ:BMBL) shares rose 4% after Citigroup initiated coverage of the dating app maker as a Buy, citing increased market share and product introductions that are boosting paid user conversion.
Xpeng Inc (NYSE:XPEV) shares rose 8% despite reporting a drop in electric vehicle deliveries in the latest quarter. Management said they were optimistic about the future growth of the business given greater EV adoption.