2023-03-10 18:19:08 ET
The arrival of evening in New York brought a raft of SEC filings as companies disclose the potential impact of the failure of Silicon Valley Bank on their payrolls and operations.
The bank became the biggest failure since the Global Financial Crisis when it was shuttered and placed into FDIC receivership Friday .
Longtime SEC filing watcher Michelle Leder said Silicon Valley Bank was mentioned in some 166 filings on Friday , with over 100 coming after the market close.
And in the Communication Services sector, Roku ( ROKU ) appears to be taking the brunt, with its stock slipping 4% postmarket as the company said it had 26% of its cash in the failed institution, "largely uninsured. " Roblox ( RBLX ) is down 0.3% after noting its exposure was just 5% of cash .
Other Communications names are faring better as they reassure investors of limited or no impact. FuboTV ( NYSE: FUBO ) is up 0.7% postmarket after a filing saying it "does not hold any deposits at SVB or have any other direct investments at SVB ."
Juniper Networks ( NYSE: JNPR ) says it had less than 1% of its cash, equivalents and investments at SVB, and believes its exposure to loss is "immaterial ." It's down 0.7% after hours.
Vimeo ( NASDAQ: VMEO ) says it held a total balance at SVB of "less than $250,000" and that it has a "well structured and diverse set of banking partners with no bank holding over 25% of its total cash ."
And Quotient Technology ( NYSE: QUOT ) noted it doesn't have holdings at Silicon Valley Bank, and has just about $400,000 with Silicon Valley Bank UK Limited .
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Communications names assure investors of no impact from SVB failure