1/27/2024 0 Comments A bank note reporter was aMeanwhile, Shopify ( SHOP) stock rose 23.9% after selling its logistics business to Flexport and announcing workforce reductions of 20%.Īpple, Block ( SQ), Coinbase ( COIN), DraftKings ( DKNG), and Lyft ( LYFT) are set to report after the market close. Peloton ( PTON) shares also traded lower, falling 13.48% as the company warned of revenue and subscription declines next quarter. The company reported a direct-to-consumer loss of $511 million in the first quarter compared to a loss of $456 million in the prior year period. Paramount Global ( PARA) stock sank roughly 28.35% as the company reported weaker-than-expected quarterly results and announced a dividend cut. Fifty-one S&P 500 companies, accounting for 12% of the index’s market cap, are scheduled to report earnings, per Evercore ISI. More corporate earnings are set to flow in on Thursday. Shares of First Horizon ( FHN) also slumped 33.5% at the open, its largest drop since September 2008, as Toronto Dominion Bank ( TD) and First Horizon called off their potential merger due to regulatory hurdles. The moves came a day after Federal Reserve Chair Jerome Powell said JPMorgan’s purchase of First Republic on Monday was “an important step toward drawing a line under that period of severe stress." The stock declines underscore a disconnect between gloomy investor sentiment surrounding regional banks and the optimism that the crisis is over expressed by big names in Washington and on Wall Street.Ī general view of Pacific Western Bank in Huntington Beach, California, U.S., March 22, 2023. "You're kind of walking on egg shells if you're a bank management team, where you don't necessarily want to come out and take some help from other banks because it may signal there's problems under the hood with your own bank," Wedbush managing director David Chiaverini told Yahoo Finance Live. The KBW regional bank index ( KRX) closes down 3.51%. Meanwhile, Zions ( ZION) fell 12% as the reports weighed on the sector. Western Alliance in a statement called the report "categorically false in all respects," adding that the bank is "not exploring a sale, nor has it hired an advisor to explore strategic options." ![]() Western Alliance ( WAL) closed down 38.52% as the Financial Times reported Western Alliance is exploring a potential sale. Other regional banks followed PacWest lower.
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