SBNY - 2 More Bank Stocks Are Falling as Worries Mount
2023-03-09 11:01:00 ET
The Nasdaq Composite (NASDAQINDEX: ^IXIC) got off to a solid start on Thursday morning, picking up about half a percent in early trading. However, it was a tough day for a pair of Nasdaq-listed bank stocks, whose shares fell sharply in part because of the announced voluntary liquidation of one of their industry peers.
Both SVB Financial (NASDAQ: SIVB) and Signature Bank (NASDAQ: SBNY) suffered significant declines in their share prices on Thursday. The news from Silvergate Capital likely played a role in their descent, but other factors are at play that could pose new challenges for these two bank stocks .
Shares of SVB Financial plunged 36% shortly after the opening bell on Thursday morning. The parent holding company of Silicon Valley Bank took steps to raise cash and announced that it had already taken extraordinary measures to boost its capital levels.
For further details see:
2 More Bank Stocks Are Falling as Worries Mount