First Citizens skyrockets after acquiring deposits and loans of Silicon Valley Bridge Bank Check out this morning's top movers from around Wall Street, compiled by The Fly.
HIGHER -
- First Citizens (FCNCA) up 50% after The Federal Deposit Insurance Corporation entered into a purchase and assumption agreement for all deposits and loans of Silicon Valley Bridge Bank (SIVB) by First Citizens Bank & Trust Company
- First Republic (FRC), PacWest Bancorp (PACW) and Western Alliance (WAL) up 28%, 11% and 7%, respectively, after Bloomberg reported that U.S. authorities are considering expanding an emergency lending facility for banks
- Corning (GLW) up 2% after Deutsche Bank upgraded shares to Buy with a price target of $38, up from $35, implying nearly 20% total return
- Alibaba (BABA) up 1% after Reuters reported Alibaba founder Jack Ma returned to China last week, ending a stay of more than a year overseas
DOWN AFTER EARNINGS -
LOWER -
- Frontier Communications (FYBR) down 4% after Morgan Stanley downgraded the stock to Underweight with a price target of $19, down from $23, representing 20% downside from current levels
- Ollie's Bargain Outlet (OLLI) down 3% after Citi downgraded shares to Sell with a price target of $49, down from $52
Symbols:
FRC PACW WAL - $33.09 /
+1.8402 (+5.89%)
FCNCA GLW BABA BNTX FYBR OLLI SIVB Keywords: Fly Intel, Wall Street, Top Stories, Stocks