A majority of Silicon Valley Bank will be acquired by First Citizens Bankshare.
David Paul Morris/Bloomberg
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Stocks mostly traded on Mondays After First Citizens agreed to buy a large portion of Bankshare Silicon Valley Bank.
These stocks made the move on Monday:
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First Citizens BankShares (ticker: FCNCA) soared 54% after SVB agreed to acquire parts of the Silicon Valley bank two weeks after SVB’s collapse triggered a wave of market turmoil. According to the Federal Deposit Insurance Corp., First Citizens will buy all of the deposits, loans and branches of the Silicon Valley bank, which opened Monday under new ownership. , and PacWest Bancorp (PACW) up 3.5%.
KeyCorp (KEY) and M&T Bank (MTB) also traded with gains of 5.4% and 2.6%, respectively. Both stocks were upgraded from Neutral to Buy by Citigroup analyst Keith Horowitz.
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Shares of computer software company Blackbaud (BLKB) jumped 11% after it reported a $71-per-share takeover bid from Clearlake Capital Group, a private investment firm, as too low.
Iowans Biotherapeutics (IOVA), the cancer-therapy developer, gained 11% on Friday after saying it had completed submission of a rolling biologics license application to the Food and Drug Administration for its melanoma therapy, lifilucel.
Shares of Coinbase Global (COIN) declined 7.8% after the Commodity Futures Trading Commission sued crypto exchange operator Binance and its co-founder and chief executive Changpeng Zhao.
Novartis (NVS) American Depositary Receipts rose 8% after the Swiss pharmaceutical company reported positive top-line results from a trial of breast-cancer drug Kiskali. Novartis said that Kiskali plus endocrine therapy “significantly reduced the risk of disease recurrence” compared to standard endocrine therapy alone.
Cruise ship operator Carniva L (CCL) reported a lower-than-expected quarterly loss but an outlook that disappointed amid rising fuel costs. The stock fell 4.8%.
Roku (Roku) gained 4.7%. The streaming device company’s stock was upgraded to positive from neutral in Susquehanna.
Corning (GLW) was upgraded to Buy from Hold at Deutsche Bank and shares of the specialty glass maker rose 1.6%.
Pinterest (Pin) rose 2.2% after UBS upgraded the stock from Neutral to Buy,
Analysts called the stock “an event-driven positive catalyst and an estimate revision opportunity.”
BioNTech (BNTX), the German biotechnology company, fell 3.6% after it said it expected revenue to decline more than expected this year as demand for Covid vaccines slumped.
Write to Joe Woelfel at [email protected]
