Stocks closed lower Friday, as investors grappled with continued banking troubles ahead of next week’s Federal Reserve meeting.
(ticker: FRC) was the leading decliner Friday in the
with shares dropping 33%. The stock closed up nearly 10% on Thursday, after a consortium of banks—including
(BAC),
(C),
(JPM), and others—agreed to make uninsured deposits totaling $30 billion in the beleaguered bank. First Republic suspended its dividend Thursday.
First Republic’s stock was walloped this week after the collapses of Silicon Valley Bank and Signature Bank. Wall Street had worried that San Francisco-based First Republic, with its large share of uninsured deposits, would be subject to deposit flight similar to the bank run that caused Silicon Valley Bank to fail.
(FDX) reported fiscal third-quarter earnings that easily topped analysts’ estimates and the stock jumped 8%. It was the biggest gainer in the S&P 500. The shipping giant also raised its profit forecast for the fiscal year, saying it sees earnings of $13.80 to $14.40 a share before mark-to-market retirement plan accounting adjustments, compared with a prior forecast of $12.50 to $13.50 a share.
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“We’ve continued to move with urgency to improve efficiency, and our cost actions are taking hold, driving an improved outlook for the current fiscal year,” said CEO Raj Subramaniam in a news release.
Shares of FedEx competitor
(UPS) fell 0.6%.
(SRPT) fell 18%. The Food and Drug Administration will hold an advisory committee meeting for Sarepta’s investigational gene therapy for the treatment of Duchenne muscular dystrophy. The company had said earlier in March that the FDA didn’t plan on requiring a meeting.
American depositary receipts of
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(BIDU), the Chinese search giant, rose 6.3% after it received a permit to provide a fully driverless robotaxi services in Beijing.
Chinese electric-vehicle maker XPeng (XPEV) reported a wider-than-expected fourth-quarter loss and issued a first-quarter revenue outlook below estimates. American depositary receipts of XPeng, however, jumped 6.1%.
(RNG) fell 5.9%. Shares of the cloud-telephony company were downgraded to Perform from Outperform by analysts at Oppenheimer.
Citi initiated coverage of
(BMBL) at Buy and shares of the online dating company rose 2.9%.
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(X) issued better-than-expected first-quarter guidance on improving demand. The company said it expects first-quarter adjusted earnings of 58 cents to 63 cents a share, well above Wall Street forecasts of 19 cents. The stock declined 2.2%.
(WBD) rose 1.3% after the stock was upgraded to Outperform from Peer Perform at Wolfe Research, and upgraded to Overweight from Equal Weight at
(NVDA) gained 0.7% to $259.08 after shares of the chip maker were upgraded to Overweight from Equal Weight at
and analysts at Citi lifted their price target to $305 from $245.
Write to Joe Woelfel at [email protected]
