Tag: Stock

DOJ and SEC to probe SVB collapse and insider stock sales: Report

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The United States Justice Department and the Securities Exchange Commission (SEC) have reportedly launched inquiries into the sudden collapse of Silicon Valley Bank (SVB) — which was shuttered by regulators last week amid a historic bank run.  According to “people familiar with the matter,” — cited in a March 14 report from The Wall Street Journal — the probes will look into events that led to the bank collapse, along with the stock sales SVB financial officers undertook in the weeks leading up to the closure. Securities filing show the…

GTLB Stock Drops Over 30% as GitLab Issues Misses Forecast Revenue

The GTLB stock came under severe selling pressure in the aftermarket hours on Monday since the projected revenue stood less than the estimates. On Monday, March 13, GitLab Inc (NASDAQ: GTLB) stock plunged by more than 31% in the extended trading session after the software company gave full-year revenue guidance falling short of expectations. The company’s revenue stood at $122.9 million against the expected $119.6 million. It also managed to narrow its losses at 3 cents per share, adjusted, vs. the expected loss of 14 cents per share. As per…

Coinbase (COIN) Stock Gains 10% amid Banking Crisis and Crypto Recovery

Coinbase shares are up approximately 67 percent YTD, despite a 62 percent decline last year. Coinbase Global Inc (NASDAQ: COIN) enjoyed a spike in market confidence, and the traditional banking sector proved risky to most investors. According to the latest stock market data from TradingView and MarketWatch, COIN shares closed Monday trading at $59.17, up 10.17 percent from the day’s opening price. The COIN rally continued during the after-hours trading session, up approximately 2 percent. Coinbase managed to maneuver the weekend banking crisis, which saw two major banks fail at…

Moderna Gains 7% as Cowen Upgrades MRNA Stock from Market Perform to Outperform 

In addition to noting that Moderna will lead the RSV vaccine market, Cowen also referred to major opinion leaders’ belief in the pharmaceutical company competing in a “three-player vaccine market”. Shares of pharmaceutical and biotechnological company Moderna Inc (NASDAQ: MRNA) jumped almost 7% on a stock upgrade by investment banking company TD Cowen. The financial institution upgraded the biotechnological company’s stock from market perform to outperform. The bank’s analysts are confident that the vaccine will “be a leader” in the RSV vaccine market. Moderna closed up 6.95% to $147.90 in…

Stock Futures Plunge as Market Craves Stability amid Banking Crisis

With the collapse of SVB, many commentators have been echoing the phrase that no firm is “too big to fail.” Uncertainty has continued to grip active players in the United States stock market with futures tied to major indices shedding off significant gains on Monday. The futures tied to the Dow Jones Industrial Average (INDEXDJX: .DJI) shed 276 points atop a 0.9% slump. To complement the bearish trend, the futures tied to the S&P 500 Index (INDEXSP: .INX) also dropped by 1% with that linked to the Nasdaq-100 dropping by…

Bitcoin, U.S. Stock Futures Erase Early Gains as First Republic Bank Tanks 50% in Pre-Market Trading

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Signature Bank Stock Down 12% in Volatile Action as Bank Selloff Continues

While Silvergate’s demise may have rung alarm bells for investors around the durability of banks with close ties to the crypto industry, the rout has spread to more traditional lenders. Most notably, SVB Financial Group (SIVB), the holding company of Silicon Valley Bank, is down more than 40% on Friday and now off just shy of 80% for the week. The tech-friendly lender earlier this week announced a loss of around $1.8 billion on a securities portfolio valued at $21 billion, prompting a share sale to shore up its capital.…

Silicon Valley Bank Faces Financial Woes as Stock Is Halted, Sells $21 Billion Bond Portfolio at a $1.8 Billion Loss – Bitcoin News

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On March 10, 2023, market observers are discussing the troubles Silicon Valley Bank (SVB) faces, as the firm’s stock slid more than 60% in the last 24 hours. SVB was forced to sell a $21 billion bond portfolio at a $1.8 billion loss. CEO Greg Becker insists that the financial institution “will be well positioned” and is “well capitalized” going forward. SVB’s stock, SIVB, was halted during the premarket trading session on Friday after the bank announced it would release news. As SVB’s Foundations Shake, Concerns Grow Over a Potential…

Silicon Valley Bank sends stock market crashing, crypto follows

As Silicon Valley Bank fails to reassure customers of its financial state, crypto-focused venture capital investors urge the firms to remove assets from the bank. Both stock and crypto markets are in the red, causing panic among traders. The announcement follows a dramatic decrease in the shares of SVB Financial Group, the bank’s parent business, which plunged by more than 60%. The loss came on the same day that the news was released. Silicon Valley Bank announced a stock offering of $1.75 billion earlier this week, in addition to a separate…

Tel Aviv Stock Exchange’s crypto trading proposal a ‘closed-loop system’

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When the Tel Aviv Stock Exchange (TASE), the only public stock exchange in Israel, announced that it drafted a proposal for regulation-friendly crypto trading on Feb. 27, it echoed across the crypto industry as a step forward for crypto adoption. However, some experts have framed the proposal as a somewhat underwhelming update to the current crypto landscape in Israel.  In short, the TASE proposes that only authorized brokerages act as fiat-to-crypto onramps, aided by licensed crypto trading providers. The stock exchange said that it designed the framework to mitigate risks…