Stock moved lower Monday after JPMorgan Chase said it was acquiring all the deposits and “substantially all of the assets” of the regional lender First Republic Bank.
Shares of
First Republic Bank
(ticker: FRC) were halted, while
JPMorgan Chase
(JPM) was up 2.1%.
PNC Financial
(PNC), which had been reported to be bidding on the assets of First Republic, fell 6.3%.
Other regional lenders lost ground.
PacWest Bancorp
(PACW) was down 11%,
Western Alliance
(WAL) fell 1.8%,
KeyCorp
(KEY) lost 4.8%,
Zions Bancorp
(ZION) declined 3.7%, and
Valley National
(VLY) dropped 20%.
Elsewhere in the market,
Iveric Bio
(ISEE) closed up 16% to $38.04 after Japan’s Astellas Pharma agreed to buy the biopharmaceutical company for about $5.9 billion. Astellas will be paying $40 a share for
Iveric Bio.
SoFi Technologies
(SOFI) fell 12% as investors seemed to take stellar personal loan origination numbers the fintech disclosed on Monday as a sign that credit losses could be on the way, according to one analyst.
Norwegian Cruise Line
(NCLH) shares climbed 8.9%. The cruise operator reported a narrower-than-expected loss for its first quarter. Revenue was higher than expected.
ON Semiconductor
(ON) stock jumped 8.9% after the company posted first-quarter earnings and revenue that beat analysts’ expectations.
Newell Brands
(NWL), the parent company of Sharpie and Rubbermaid, closed down 11% after analysts at Deutsche Bank lowered their target for the stock price. The company posted a wider-than-expected loss for its first quarter on Friday.
Global Payments
(GPN) stock dropped 8.6% Monday even though the payments software company reported higher first-quarter earnings than expected and raised its financial forecasts. The company said that Cameron Bready, current president and chief operating officer, will succeed Jeffrey Sloan as chief executive, effective June 1.
Scotts Miracle-Gro
(SMG) shares gained 5.5% after the maker of lawn and garden care products was upgraded to Buy from Hold by analysts at Stifel.
General Motors (GM) rose 1.4% Monday after
Morgan Stanley
raised its rating on the stock to Overweight from Equal Weight.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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