Investors breathed a sigh of relief after the Swiss National Bank said it would provide a safety net for Credit Suisse.
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Find out which companies are making headlines in the midday business.
First Republic – Shares of the regional bank fell more than 20% even after the company was set to receive help from other financial institutions. The industry continues to be under pressure. PacWest and Western Alliance also lost more than 13% each, while KeyCorp slipped 8%.
Swiss credit – The Swiss bank’s U.S.-listed shares 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 had a volatile week after Credit Suisse’s biggest investor said it would not provide additional funding to the bank.
Discovery of Warner Bros. – The media company gained 2% after Wells Fargo upgraded the stock to overweight from equal weight. The company said it appreciated the company’s debt reduction efforts.
FedEx — The shipping company saw its shares jump more than 8% after the company’s third-quarter earnings beat analysts’ expectations. FedEx reported adjusted earnings of $3.41 per share, beating the Refinitiv consensus forecast of $2.73 per share. The company also raised its profit forecast for the full year.
Sarepta Therapeutic – The pharmaceutical name fell nearly 20% after regulators announced it would hold an advisory committee meeting for its SRP-9001 treatment for Duchene muscular dystrophy. The news fueled concerns about the treatment’s possible approval.
Nvidia – Nvidia shares gained more than 1% after Morgan Stanley upgraded the overweight chipmaker from an equal weight rating as the companies focus on AI developments. The bank said the AI narrative for Nvidia was “too strong to sit on the sidelines.”
Bumble – Shares of the dating app jumped 3% after Citi launched coverage of the company with a buy rating, and said the stock could rebound more than 20% as would capture market share.
Crypto stocks – Crypto stocks rose along with the price of bitcoin as this week’s banking crisis sparked renewed interest in crypto. Coinbase and Microstrategy jumped 6% and 7% respectively. Bitcoin miners also got a big boost, with Riot Platforms climbing 10%, Hut 8 rising 6%, and Marathon Digital adding 4%.
— CNBC’s Alex Harring, Tanaya Macheel, Michelle Fox and Samantha Subin contributed reporting.