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 > Banking > PacWest stock jumps 80% as regional banks rebound on Friday, but still down sharply for the week
Banking

PacWest stock jumps 80% as regional banks rebound on Friday, but still down sharply for the week

News Room
Last updated: 2023/05/08 at 8:21 AM
By News Room
Share
2 Min Read
SHARE

Traders work on the floor of the New York Stock Exchange (NYSE), May 3, 2023.

Brendan McDermid | Reuters

Stock Chart IconStock chart icon

PacWest’s stock was rebounding on Friday.

However, Friday’s rally made only a small dent in the week-to-date losses. PacWest still finished the week down 43% and below its closing level from Wednesday. The bank confirmed this week that it is exploring strategic options.

Western Alliance, which said it is not seeking a sale, has also been under heavy pressure this week, falling 27% even after Friday’s rally. The KRE finished the week down about 10%.

The steep declines, which came even at banks that reported much smaller deposit outflows than First Republic, led Wall Street analysts to warn that the stocks have become detached from their fundamentals.

“We are arguably reaching a point of hysteria,” Fundstrat strategist Tom Lee said in a note to clients on Friday.

Analysts at JPMorgan Chase upgraded Western Alliance, Zions and Comerica to overweight on Friday, saying the bank stocks “appear substantially mispriced to us.”

This week’s slide came after First Republic was seized by regulators and sold to JPMorgan Chase before the market opened on Monday. JPMorgan CEO Jamie Dimon and Federal Reserve Chair Jerome Powell, among others, have said this week that they think the stage of banking crisis caused by deposit outflows is largely over, but the fall for the stocks shows investors are less confident.

Many on Wall Street are looking to Washington for regulatory changes to calm the banking system, such as potentially expanding deposit insurance rules. Some have raised the possibility of temporarily banning short-selling on bank stocks. Former Federal Deposit Insurance Corporation Chair Sheila Bair told CNBC’s “The Exchange” on Thursday that some of the share price declines are likely being driven by short-selling.

Read the full article here

News Room May 8, 2023 May 8, 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
A look at Cristiano Ronaldo’s $675M deal. 💰

Watch full video on YouTube

How Canada is saying no to American products

Watch full video on YouTube

Nvidia’s big $4 trillion milestone: Why some say the stock could go even higher

Watch full video on YouTube

Why 3D printed houses are on the rise

Watch full video on YouTube

Elon Musk wants to launch a new political party. Here’s why some people think it won’t work.

Watch full video on YouTube

- Advertisement -
Ad imageAd image

You Might Also Like

Banking

One Of America’s Longest-Serving CEOs Has Advice On Humor And Risk

By News Room
Banking

6 Resources Investors Can Be Thankful For This Holiday Season

By News Room
Banking

From Fintech’s Top Founders To Wall Street’s Best Dealmakers: 30 Under 30 Finance 2024

By News Room
Banking

One Part Tech, One Part Data, And Lots Of Human Curiosity

By News Room
Banking

The Evolution Of Bank-Fintech Partnerships

By News Room
Banking

Binance Dies, And Crypto Is Birthed

By News Room
Banking

Vote For The World’s Best Banks 2024

By News Room
Banking

Why Javier Milei’s Victory In Argentina’s Presidential Election Is Great News

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?