WAL - Silicon Valley Bank failure leads week's financial decliners LatAm banks rise most

2023-03-11 10:24:00 ET

• The failure of SVB Financial's ( NASDAQ: SIVB ) Silicon Valley Bank triggered the decline of a number of other regional bank stocks on Friday, making them the biggest decliners of the week in the financial sector.
• The top performing stocks for the week ended March 10 were, for the most part, Latin American banks.
• SVB Financial ( SIVB ), which failed to raise $2B in capital and ended the week being taken over by the FDIC , plunged 86% for the week.
• It was followed by regional banks PacWest Bancorp ( NASDAQ: PACW ), which sank 55% ;
• Signature Bank ( NASDAQ: SBNY ), tumbling 38% ;
• Western Alliance ( NYSE: WAL ), sliding 35% ; and
• First Republic Bank ( NYSE: FRC ), down 34% .
• Not many financial stocks ended the week in the green. Leading the climbers was Brazilian bank Banco Bradesco ( NYSE: BBD ), rising 7.6% ;
• Banco Santander Chile ( NYSE: BSAC ) gained 5.7% ;
• Banco de Chile ( NYSE: BCH ) increased 1.9% during the week.
• Those were followed by NuShares Enhanced Yield U.S. Aggregate Bond ETF ( NYSEARCA: NUAG ), up 1.0% , and Nuveen AMT-Free Quality Municipal Income Fund ( NYSE: NEA ), up 0.9% .
• Also see: Wall Street analysts called Friday's bank stock slide an overreaction to "idiosyncratic" events.

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