Investors breathed a sigh of relief after the Swiss National Bank said it would provide a liquidity backstop for Credit Suisse.
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Check out the companies making headlines in midday trading.
First Republic — The regional bank shares shed over 20% even after the company is set to receive aid from other financial institutions. The industry continues to be under pressure. PacWest and Western Alliance also lost more than 13% each, while KeyCorp slid 8%.
Credit Suisse — U.S.-listed shares of the Swiss bank fell nearly 11% on Friday, a day after soaring on news the bank will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank. The stock has had a volatile week after Credit Suisse’s largest investor said it wouldn’t provide additional funding to the bank.
Warner Bros Discovery — The media company gained 2% after Wells Fargo upgraded the stock to overweight from equal weight. The firm said it liked the company’s debt reduction efforts.
FedEx — The shipping company saw its stock jump over 8% after the company’s fiscal third-quarter earnings topped analysts expectations. FedEx reported adjusted earnings of $3.41 per share, topping a Refinitiv consensus forecast of $2.73 per share. The company also raised its earnings forecast for the full year.
Sarepta Therapeutics — The pharmaceutical name dropped nearly 20% after regulators said it will hold an advisory committee meeting for its SRP-9001 treatment for Duchene muscular dystrophy. The news fueled concerns about the eventual approval for the treatment.
Nvidia – Nvidia shares gained more than 1% after Morgan Stanley upgraded the chipmaker to overweight from an equal weight rating as companies focus on AI developments. The bank said the AI narrative for Nvidia is “too strong to remain on the sidelines.”
Bumble – Shares of the dating app jumped 3% after Citi initiated coverage of the company with a buy rating, and said the stock could rally more than 20% as it captures market share.
Crypto stocks – Crypto equities rose with the price of bitcoin as the banking crisis this week has driven renewed interest in crypto. Coinbase and Microstrategy jumped 6% and 7%, respectively. Bitcoin miners got a big lift as well, with Riot Platforms climbing 10%, Hut 8 advancing 6% and Marathon Digital adding 4%.
— CNBC’s Alex Harring, Tanaya Macheel, Michelle Fox, Samantha Subin contributed reporting.
(With inputs from CNBC)
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