XPEV - Hot Stocks: XPEV rises on earnings; MARA MSTR RIOT boosted by crypto rise; FRC SRPT slide

2023-03-17 11:14:41 ET

Stocks continued to suffer in Friday's midday trading, led by decline in major U.S. banks, a day after they teamed up to transfer $30B in deposits to First Republic ( NYSE: FRC ).

In terms of individual stocks, XPeng ( XPEV ) shares pushed higher despite Q4 earnings miss.

Elsewhere, MicroStrategy ( MSTR ), Marathon Digital ( MARA ) and RIOT ( RIOT ) led a rally in crypto-focused stocks as the Bitcoin ( BTC-USD ) crossed the $26K threshold.

In the meantime, First Republic Bank ( FRC ) led the notable decliners list after suspending its dividend. Meanwhile, Sarepta Therapeutics ( SRPT ) slumped on an FDA update for SRP-9001.

Gainers

XPeng ( XPEV ) climbed more than 11% despite weak Q4 results as the EV maker said it is seeking to cut costs.

"With the optimization of our product portfolio and the significant improvement of our marketing capabilities, we will resume growth in our sales and market share," Xpeng co-president Dr. Hongdi Brian Gu said. “In the meantime, we will improve operational efficiency across our business processes and continue to reduce costs.”

Meanwhile, Crypto-linked stocks Marathon Digital ( MARA ) +3.5% , Riot Platforms ( RIOT ) +9% and MicroStrategy ( MSTR ) +6.7% led the recovery in crypto market with Bitcoin ( BTC-USD ) surpassing the $26K threshold, reaching its highest level since June 2022.

Decliners

First Republic Bank ( FRC ) plunged more than 20% in Friday's intraday session following a dividend suspension . This came despite major U.S.'s banks agreeing to deposit a total of $30B to rescue the bank. Billionaire investor Bill Ackman flagged financial contagion risks from the $30B deposit lifeline extended by major banks to First Republic Bank.

Sarepta Therapeutics ( SRPT ) shares collapsed more than 20% after the company announced an advisory committee meeting with the FDA. The drugmaker will meet with the FDA prior to May 29, 2023, to discuss the development of SRP-9001, an investigational gene therapy for the treatment of Duchenne muscular dystrophy.

To keep track of Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section .

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