Stocks finished mixed Wednesday on renewed worries about the banking sector.
These stocks made moves Wednesday:
American depositary receipts of Credit Suisse (ticker: CS) sank 14% after the Swiss bank’s biggest shareholder, Saudi National Bank, said it wouldn’t inject any more money into the bank. Later in the day, Swiss National Bank said it would step in to help Credit Suisse if it becomes necessary to do so.
The stock fell Tuesday after the bank released a delayed annual report that described weaknesses in the firm’s financial controls.
First Republic Bank (FRC) fell 21% after soaring nearly 27% on Tuesday. Shares of the bank were downgraded to junk status by S&P Global Ratings. Western Alliance Bancorp (WAL) rose 8.5% after gaining 14.4% in the previous session. Zions Bancorp (ZION) was down 1.9%, Comerica (CMA) rose 3.1%, and KeyCorp (KEY) fell 3.5% as investors digested the news on Credit Suisse.
The stocks of regional banks had rebounded Tuesday following sharp losses after the collapses of Silicon Valley Bank, Signature Bank, and Silvergate Capital.
The biggest U.S. banks also traded lower. Shares of Citigroup (C) slid 5.4%, Goldman Sachs (GS) fell 3%, Wells Fargo (WFC) dropped 3.2%, and JPMorgan Chase (JPM) declined 4.7%.
Vacasa (VCSA) tumbled 25% after the vacation-rental company posted a fourth-quarter loss wider than a year earlier and issued disappointing revenue guidance.
Smartsheet (SMAR), the software-as-a-service company, reported adjusted earnings of 7 cents a share in its fourth quarter, a reversal from a year-earlier loss of 12 cents. The company issued conservative guidance for the fiscal first quarter and year. “Our guidance reflects the expectations of a worsening macroeconomic environment,” said Pete Godbole, chief financial officer, on the company’s conference call. The stock jumped 18%.
Steel Dynamics (STLD) declined 13%. The steel maker and metals recycler said it expects first-quarter earnings of $3.47 a share to $3.51 a share, down from $5.71 a year earlier. Adjusted earnings in the first quarter were forecast at $3.78 to $3.82 a share.
Cybersecurity company SentinelOne (S) rose 7.3% after saying it expects fiscal first-quarter revenue of $137 million, higher than year-earlier revenue of $78.3 million.
Clothing brand and retailer Guess? (GES) said it expects an adjusted loss in the fiscal first quarter of 25 cents to 31 cents a share. A year earlier the company reported adjusted profit of 24 cents. The stock fell 5.2%.
Meta Platforms (META) was up 1.9% after jumping 7.3% following the announcement that the parent company of Facebook and Instagram would be cutting another 10,000 jobs. On Wednesday, Oppenheimer raised the price target on the stock to $260 from $235, and Citi boosted its target price to $260 from $228.