SIVB - SVB Financial Stock Just Sank 17% -- Should You Buy the Dip?
SVB Financial Group (NASDAQ: SIVB) , the parent company of Silicon Valley Bank, saw its shares plummet more than 17% on Friday, making the stock the biggest loser in the S&P 500 for the day. Investors sold the stock after the bank reported a big miss on its second-quarter earnings report Thursday and lowered its full-year guidance, following difficulties in the tech, startup, venture capital (VC) and private equity (PE) sectors, which the bank heavily serves. Should investors take advantage of the dip and buy the stock for the long-term?
SVB reported earnings per share of $5.60 on revenue of $1.53 billion. While revenue only missed estimates slightly, earnings missed by a whopping $2.08.
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SVB Financial Stock Just Sank 17% -- Should You Buy the Dip?