By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AmextaFinanceAmextaFinance
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
AmextaFinanceAmextaFinance
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
AmextaFinance > Markets > Stocks > Short sellers reap $378.9 million from losses in PacWest, two other bank stocks – Ortex
Stocks

Short sellers reap $378.9 million from losses in PacWest, two other bank stocks – Ortex

News Room
Last updated: 2023/05/04 at 9:20 PM
By News Room
Share
2 Min Read
SHARE

© Reuters. A general view of Pacific Western Bank in Huntington Beach, California, U.S., March 22, 2023. REUTERS/Mike Blake

(Reuters) – Short sellers made $378.9 million in paper profits betting against regional banks First Horizon (NYSE:) Corp, PacWest Bancorp and Western Alliance (NYSE:) Bancorp in Thursday’s session, analytics firm Ortex said.

Since the start of 2023, bearish investors have made $816 million from the three stocks alone, according to Ortex.

Shares of regional banks resumed their slide this week after the collapse of First Republic Bank (OTC:) – the third U.S. mid-sized lender to fail in two months – fueled fears there was more pain ahead for the sector.

PacWest Bancorp dove 57% on Thursday, dragging down other regional lenders, after the Los Angeles-based bank said it was in talks about strategic options.

Shares of First Horizon Corp slumped nearly 40% after its $13.4 billion takeover by Toronto-Dominion Bank Group was mutually called off because there was no clarity on when they would get regulatory approvals.

Western Alliance Bancorp denied a report from the Financial Times that said it was exploring a potential sale. The report had sent the lender’s shares down as much as 61.5% before trading was halted.

Over the first two days of May, short sellers made $1.2 billion from declines in stocks of U.S. regional lenders, according to Ortex.

The U.S. Securities and Exchange Commission is “not currently contemplating” a short-selling ban, an agency official told Reuters on Wednesday, as worries over bank soundness hit share prices.

Short sellers typically sell borrowed securities and aim to buy these back at a lower price to pocket the difference.

Read the full article here

News Room May 4, 2023 May 4, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Donald Trump’s ‘big, beautiful bill’ provides windfall for US immigration crackdown

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

How much money does Ukraine need?

How much money does Ukraine need? I ask the question because the…

Donald Trump and Volodymyr Zelenskyy to discuss pause to US weapons deliveries in call

Donald Trump and Volodymyr Zelenskyy will discuss the abrupt halt in some…

Signs of a pick-up in venture capital exits are finally emerging

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Boeing: Portfolio manager talks 737 Max, headwinds, and future

Watch full video on YouTube

- Advertisement -
Ad imageAd image

You Might Also Like

Stocks

CPS reports solid 2023 performance, eyes future growth By Investing.com

By News Room
Stocks

Niu Technologies faces mixed results in Q4 2023 By Investing.com

By News Room
Stocks

Exagen Inc. reports strong 2023 revenue growth By Investing.com

By News Room
Stocks

Legacy Housing reports mixed results amid sales decline By Investing.com

By News Room
Stocks

Harmony Biosciences exec sells over $383k in stock By Investing.com

By News Room
Stocks

Biofrontera posts record revenue and outlines growth plans By Investing.com

By News Room
Stocks

Granite Ridge CFO buys $31,000 in company stock By Investing.com

By News Room
Stocks

Coliseum Capital Management buys MasterCraft Boat shares worth over $3.2m By Investing.com

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

YOUR EMAIL HAS BEEN CONFIRMED.
THANK YOU!

Welcome Back!

Sign in to your account

Lost your password?