Wall Street blood bath sends investors scouting for potential bouncers
The California Department of Financial Protection and Innovation has shut down SVB and designated the FDIC as the receiver. Subsequently, the FDIC established the Deposit Insurance National Bank of Santa Clara, which currently holds SVB’s insured deposits. As per the announcement by the FDIC, depositors with insurance coverage will be able to access their deposits by Monday morning. Moreover, the branch offices of SVB will reopen at the same time, overseen by the regulatory authority.
LightShed has downgraded Apple (NASDAQ:AAPL) to “Sell” from “Neutral,” stating that its estimates are below consensus, with moderating growth expectations in Services revenue and a conservative outlook for iPhone sales. Baird has reiterated Tesla (NASDAQ:TSLA) as a top pick, as it believes the company could roll out a heat pump home offering in the intermediate-term future. Barclays has upgraded United (NASDAQ:UAL) to “Overweight” from “Equal Weight,” stating that it sees robust demand continuing for the airline. Jefferies has upgraded Roblox (NYSE:RBLX) to “Buy” from “Hold,” citing the company’s favorable narrative, strong net bookings expansion, and underlying user metrics. UBS has downgraded Caterpillar (NYSE:CAT) to “Sell” from “Neutral,” stating that it is overvalued, and Baird has downgraded Allbirds (NASDAQ:BIRD) to “Neutral” from “Outperform,” following its disappointing earnings report.
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