1 | First Citizens BancShares has agreed to purchase $72B of Silicon Valley Bank's deposits and loans at a discount of $16.5B, causing its shares to skyrocket 53% on Monday. However, the FDIC, which has spent $20B to resolve the SVB collapse, will still be in receivership of $90B of the failed bank's assets and securities. Q: Will this deal restore confidence in the U.S. banking system and stop further contagion? Share your thoughts at Inside.com. |
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2 | Coinbase shares were down nearly 8% today after the Commodity Futures and Trading Commission filed a complaint against competitor Binance. The regulatory action worried investors further after the Securities and Exchange Commission issued Coinbase a Wells Notice last week, warning the crypto exchange of impending enforcement for violations of federal securities law. |
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3 | As shares of regional banks rebounded today following the FDIC announcement of a buyer for SVB's assets, First Republic Bank led the charge, with its stock surging 12%. Still, First Republic shares are down nearly 90% year-to-date, meaning the bank has a long way to go for its value to return to its pre-SVB collapse level. |
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4 | Disney will begin the first of its three rounds of layoffs this week, with plans to cut around 7,000 jobs by the start of summer. The job cuts are part of a sweeping cost-cutting reorganization of the media company announced in February following Bob Iger's return as CEO. |
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5 | BioNTech's stock fell 4% in morning trading on Monday after the drugmaker shared a grim outlook for 2023 sales of its COVID-19 vaccine, developed in partnership with Pfizer. According to its latest earnings report, BioNTech expects the mRNA vaccine to generate only $5.4B in sales this year, down from more than $18B in 2022. Q: Will demand for COVID-19 vaccines continue to dwindle in the next few years? Tell us what you think at Inside.com. |
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6 | Chipotle shares were up as much as 2% today after the fast-casual chain settled a lawsuit with the National Labor Relations Board. As part of the settlement, Chipotle will pay $240,000 to former employees of an Augusta, Maine location, which was closed after its workers petitioned to unionize. |
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7 | Gaming content brand FaZe Clan has received a delisting notice from the Nasdaq for failing to maintain a minimum share price of $1. FaZe, whose market cap now sits below $50M, went public in July via a SPAC merger valued at $725M. |
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