A person walks by the First Republic Bank headquarters on March 13, 2023 in San Francisco, California.
Justin Sullivan | Getty Images
Check out the companies making headlines in midday trading.
Credit Suisse — U.S.-listed of Credit Suisse plunged nearly 14% after its biggest backer, Saudi National Bank, said it won’t provide the Swiss bank with further financial help. Credit Suisse and several other European banks, including Societe Generale, Italy’s Monte dei Paschi and UniCredit, were briefly halted from trading on Wednesday as prices plummeted amid the fallout from Silicon Valley Bank.
First Republic Bank — The regional bank stock tumbled 21.4%, giving back some of Tuesday’s gains as turmoil at Credit Suisse rattled the broader sector and S&P Global Ratings downgraded its debt rating to BB+ from A-. PacWest shares slid 12.9%, while Western Alliance shares added 0.6%.
U.S. banks — Major U.S. banks tumbled on Wednesday as unease over the latest crisis at Credit Suisse spooked some investors. JPMorgan Chase and Goldman Sachs fell about 4.7% and 3.1%, respectively. Wells Fargo slipped 3.3%. Citigroup and Morgan Stanley shed more than 5% each.
Energy stocks — Major energy stocks took a hit as oil stooped to its lowest level in more than a year. Halliburton and Marathon Oil shed 9% and 8.5%, respectively. APA Corporation and Devon Energy dropped about 8%. Diamondback Energy slumped more than 7%.
SentinelOne — The cybersecurity stock jumped more than 7% after posting a smaller-than-expected loss for the recent quarter.
New York Community Bancorp — The regional bank stock jumped more than 57%, bucking the broader sell-off trend in banking names. UBS assumed coverage of New York Community Bancorp with a buy rating, saying shares can jump 50%.
Smartsheet – The maker of work management software saw shares jump 17.8% after the company reported fourth-quarter earnings and revenue that beat analysts’ expectations, according to FactSet. Earnings guidance for the first quarter and full year also came ahead of Wall Street forecasts.
Atlas Air Worldwide Holdings — The aircraft and aviation services company’s shares gained 3.2% following news that all regulatory conditions to closing its merger agreement were satisfied. Atlas Air expects to finalize the merge on or around Mar. 17.
Guess? —The clothing maker lost 5.2% after the issuing weak guidance for the first quarter and full year, according to FactSet.
Freshpet — Shares dropped 1.8% after activist investor JANA Partners said Freshpet requires either “significant board change, or in the absence of such change, should be sold.” The statement comes after the pet food company announced an equity-linked capital raise on Tuesday.
— CNBC’s Michelle Fox, Tanaya Macheel, Alex Harring, Hakyung Kim, Pia Singh and Sarah Min contributed reporting.
Image and article originally from www.cnbc.com. Read the original article here.