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March 09, 2023
- Top laggard SVB Financial Group giving up $106.41, or 39.73%, so far this session PacWest Bancorp is having a negative session so far (down 17.32%).
- European markets are sideways.
The trading session has started and the leading indices are showing gains — Nasdaq up to 11,650, gaining 0.64%. Dow Jones up to 32,946, gaining 0.45%.
European markets show no gains or losses. Asia-Pacific markets are currently mixed so far this session.
3Rd quarter earnings season is mostly over, with Asana, Inc. and ZIM Integrated Shipping Services Ltd. releasing their earnings reports just this week.
On a negative note, the market received some disappointing news as Initial Jobless Claims in United States fell short of market expectations (195,000) with a reading of 211,000, continuing the decline from the previous figure of 190,000. Following a previous reading of 1.17 million, Crude Oil Inventories in United States released yesterday at 15:30 UTC fell short of the 395,000 figure expected by analysts with an actual reading of -1.69 million.
Today's rise takes place amid mixed market indicators — United States JOLTs Job Openings (Jan) released yesterday at 15:00 UTC with a figure of 10.82 million, while the previous figure was 11.23 million.
Furthermore, the market is looking at tomorrow at 13:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 205,000 from the preceding figure of 517,000.
Also worthy of note, United States Unemployment Rate figure is projected at 3.4. It previously stood at 3.4; data will be released tomorrow at 13:30 UTC.
SVB Financial Group plunges 39.73% to trade at $161.42. PacWest Bancorp is having a negative session so far (down 17.32%).
SVB Financial Group | Currently down 39.73% at $161.42
While on a 24 day slump, falling a total of 51.6%, Similar trend today: the US commercial bank drops 39.73% in early trade and remains within touching distance of the $161.42 level. As things stand, trading volume is at 6.29 million, above the 21-day average of 623,745.
PacWest Bancorp | Currently down 17.32% at $22.06
PacWest Bancorp has been losing ground for 9 days, shedding a total of 22.08% of its value. More of the same today: PacWest Bancorp is down to $22.06, after ending yesterday at $26.68. Overall, a 17.32% loss or $4.62 today. As things stand, trading volume is at 3.12 million, above the 21-day average of 1.36 million. Just recently, PacWest Bancorp's board disclosed a quarterly dividend of 25 cents per share and subsequently paid on Tuesday, February 28th for all shareholders of record up until Wednesday, February 15th. The company's decision thereby provides PacWest Bancorp investors with an annualised dividend yield of 4.53% (based on current prices).
