Stock traded higher Monday after the Federal Deposit Insurance Corp. said JPMorgan Chase was acquiring all the deposits and “substantially all of the assets” of the regional lender First Republic Bank.
Shares of
First Republic Bank
(ticker: FRC) were down 43% to $3.51, while
JPMorgan Chase
(JPM) was up 3.2%.
PNC Financial
(PNC), which had been reported to be bidding on the assets of First Republic, fell 4.7%.
Other regional lenders lost ground.
PacWest Bancorp
(PACW) was down 7.6%,
Western Alliance
(WAL) fell 0.9%,
KeyCorp
(KEY) lost 1.5%,
Zions Bancorp
(ZION) declined 2.2%, and
Valley National
(VLY) dropped 13.8%.
Elsewhere in the market,
Iveric Bio
(ISEE) was up 16% to $37.99 after Japan’s Astellas Pharma agreed to buy the biopharmaceutical company for about $5.9 billion. Astellas will be paying $40 a share for
Iveric Bio.
SoFi Technologies
(SOFI) fell 8.8% even after the fintech posted a narrower-than-expected first-quarter loss.
Newell Brands
(NWL), the parent company of Sharpie and Rubbermaid, fell 8.4% after analysts at Deutsche Bank lowered their target for the stock price. The company posted a wider-than-expected loss for its first quarter on Friday.
Norwegian Cruise Line
(NCLH) shares climbed 7.8%, The cruise operator reported a narrower-than-expected loss for its first quarter. Revenue was higher than expected.
Global Payments
(GPN) stock dropped 7.4% even though the payments software company reported higher first-quarter earnings than expected and raised its financial forecasts. The company said that Cameron Bready, current president and chief operating officer, will succeed Jeffrey Sloan as chief executive, effective June 1.
ON Semiconductor
(ON) stock jumped 7% after the company posted first-quarter earnings and revenue that beat analysts’ expectations.
General Motors (GM) gained 2.4% after
Morgan Stanley
raised its rating on the stock to Overweight from Equal Weight.
Carvana
(CVNA) lost 1.2% following a report from Bloomberg that said creditors holding about 90% of the used-car company’s bonds have proposed a debt-for-equity swap.
Write to Joe Woelfel at joseph.woelfel@barrons.com
Read the full article here
