Orange County banks fell today as part of a broader fear for the sector after SVB Financial, the parent company of the Silicon Valley bank, announced a $1.75 billion share sale late Wednesday as it grapples with startups struggling to raise venture capital. Cash was burnt due to fall in deposits from Rs. , SVB Financial, which makes loans to many smaller companies (Nasdaq: SIVB), plunged 46% today.
Irvine-based Pacific Premier Bancorp Inc (PPBI), the largest bank headquartered in Orange County, fell 6.8% to $28.48 and a market cap of $2.7 billion. Santa Ana-based Bank of California Inc, the second largest, fell 5.9% to $15.78 and a market cap of $932 million.
-Peter J. Brennan
The S&P 500 was flat at 3,987.10 in midday trading Wednesday.
The Dow 30 was down 0.4% at 32,727.15 and the Nasdaq was up 0.2% at 11,554.47.
Crude oil fell 1.5% to $76.40 a barrel.
Gold held steady at $1,820 an ounce.
The yield on the 10-year bond declined 0.6% to 3.952%.
Chipmaker Skyworks Solutions (Nasdaq: SWKS) rose 2.1% in Irvine to $114.39 and a market cap of $18.2 billion. Global semiconductor distributor Rochester Electronics said Wednesday it is now offering Skyworks equipment, including mixed-signal solution products.
Alignment Healthcare Inc. (Nasdaq: ALHC) fell 3% to $6.70 per share with a market capitalization of $1.3 billion. Shares of the Orange-based Medicare Advantage insurance company have plunged 40% in the past month.
The S&P 500 was down 1.2% at 3,998.50 in afternoon trading.
The Dow 30 declined 1.4% to 32,955.45.
Nasdaq was down 0.7% at 11,591.13
The yield on the 10-year Treasury bond fell 1% to 3.99%.
Gold fell 1.8% to $1,882.20.
The price of a barrel of oil fell 3% to $78.01.
Irvine-based EV maker Rivian Automotive Inc. (Nasdaq: RIVN) fell 11% to $15.26 per share, for a market cap of $13.5 billion, after announcing plans to offer $1.3 billion in debt amid weak demand. The offering will be in the form of “green” convertible senior notes due in 2019, with the original purchasers having an option to issue an additional $200 million worth of convertible notes.
Exponential Fitness Inc. in Irvine. (NYSE:XPOF) fell 5% to $29.04 per share, for a market cap of $1.3 billion. Despite today’s drop, the company’s stock is up more than 25% so far this year amid signs that people are returning to fitness routines after a temporary post-COVID slump. For more on Exponential, see the March 13 print edition of Business Journal.
The S&P 500 was up 0.6% at 4,070.38, the Dow 30 was up 0.4% at 33,523.90 and the Nasdaq was up 0.8% at 11,785.91 during midday trading.
Crude oil rose 0.9% to $80.42 a barrel.
Gold rose 0.2% to $1,858 an ounce.
The yield on the 10-year bond was flat at 3.964%.
Alignment Healthcare Inc. (Nasdaq: ALHC) fell 5% to $7.22 per share with a market capitalization of $1.3 billion. Shares of the Orange-based Medicare Advantage insurer have declined 27% since reporting fourth-quarter and full-year 2022 results last Tuesday.
Brea-based Mullen Automotive Inc. (Nasdaq: MULN) rose 4.3% to 23 cents per share with a $402 million market cap. Today the electric vehicle maker announced its partnership with federal contractor Rapid Response Defense Systems (RRDS) to provide a fleet of Mullen’s Class 1 EV cargo vans for future commercial orders.
“We are focused on selling our EV products to the federal government and view this relationship as a strategic step toward meeting that goal,” Ronald Dixon, Mullen’s government sales manager, said in a statement.
The S&P 500 rose 1.3% to 4,033.44.
The Dow 30 was up 0.9% at 33,290.33.
The Nasdaq jumped 1.6% to 11,647.14.
Crude oil rose 1.7% to $79.51 a barrel.
Gold rose 0.7% to $1,853 an ounce.
The yield on the 10-year Treasury bond fell 2.2% to 3.985%.
Irvine-based Wyant Technology Inc. (Nasdaq: DSP) climbed 15% to $4.73 per share and a market cap of $291 million. Analyst firm Needham reiterated a “buy” rating on Wyant after the advertising software company reported fourth-quarter results yesterday.
Exponential Fitness Inc. (NYSE:XPOF) jumped 17% to $29.43 per share and a market capitalization of $1.34 billion. Analyst firm Morgan Stanley maintained its “overweight rating” for the Irvine boutique fitness franchisor after it reported fourth-quarter results yesterday that beat the Zacks consensus estimate.
The S&P 500 was up 0.3% to 3,946.64 while the Dow 30 was up 0.3% at 32,773.71 and the Nasdaq was down 0.4% at 11,336.85.
Crude oil rose 0.4% to $78.03 a barrel.
Gold fell 0.3% to $1,839 an ounce.
The yield on the 10-year bond rose 2.178% to 4.081%
Advantage Solutions Inc (Nasdaq: ADV) jumped 20% to $2.67 and a market cap of $853 million. The Irvine-based provider of outsourced sales and marketing services reported fourth-quarter revenue and earnings yesterday that topped consensus analyst estimates.
Montrose Environmental Group Inc. (NYSE: MEG) fell 12% to $38.27 and a market capitalization of $1.1 billion. Shares of the environmental services provider, which moved its headquarters to Arkansas in 2021 but retains a large presence in Irvine, have fallen 22% since February 28, when it reported a drop in COVID-19 tests, Due to which it missed the consensus analyst revenue estimate. for the fourth quarter.
-Peter J. Brennan
The S&P 500 was down 0.4% at 3,952.49 in afternoon trading.
The Dow 30 declined 0.1% to 32,635.81.
The Nasdaq closed down 0.6% at 11,387.51.
The yield on the 10-year Treasury bond rose 2% to 3.993%.
Gold rose 0.5% to $1,845.
The price of oil per barrel remained stable at $77.02.
EV maker Rivian Automotive Inc. (Nasdaq: RIVN) Irvine fell 18% to $15.76 per share — its lowest price in six weeks — for a market cap of $13.9 billion. In its 2023 guidance report released on Tuesday, the company said it would fall short of its production targets, forecasting production of 50,000 vehicles in 2023, away from its prior target of 60,000 vehicles, citing supply shortages as its main headwind. indicates as The company ended 2022 with a net loss of $6.7 billion and $12 billion in cash and equivalents, down from $18 billion at the end of 2021.
Orange-based Alignment Healthcare Inc., provider of Medicare Advantage insurance plans. (Nasdaq: ALHC) fell 18% to $8.15, for a market cap of $1.5 billion. The company reported a fourth-quarter loss of $56.9 million yesterday, missing analysts’ estimates.
The S&P 500 was up 0.2% at 3,988.51 in afternoon trading.
The Dow 30 declined 0.4% to 32,769.75.
The Nasdaq rose 0.4% to 11,507.17.
The yield on the 10-year Treasury bond rose 0.2% to 3.93%.
Gold rose 0.7% to $1,837.
The price of a barrel of oil climbed 2.2% to $77.34.
EV maker Rivian Automotive Inc. in Irvine. (Nasdaq: RIVN) rose 5.7% to $19.50 per share, for a market cap of $17.2 billion. Analysts expect Rivian’s fourth-quarter revenue to rise to $742 million from $54 million in the same period a year ago when the company will release earnings after the market close later today.
TV maker and media company Vizio Holding Corp (NYSE:VZIO) in Irvine rose 7.7% to $10.35 per share, for a market cap of $2 billion. The company said yesterday that former President and COO of Best Buy Inc. R. Michael (Mike) Mohan has been appointed to Vizio’s Board of Directors.
The S&P rose 0.6% to 3,992.18, the Dow 30 rose 0.4% to 32,944.79 and the Nasdaq also rose 0.9% to 11,500.23 during afternoon trading.
Crude oil fell 1.1% to $75.51 a barrel.
Gold was up 0.5% at $1,826 an ounce.
The yield on the 10-year bond fell 0.58% to 3.926%.
Rivian Automotive Inc. (Nasdaq: RIVN) rose 6.6% to $18.47 per share, with a market cap of $16 billion. The Irvine-based electric vehicle maker will report fourth quarter and full year 2022 earnings tomorrow, February 28. The average analyst expectations included Q4 revenue of approximately $742 million and earnings per share of -$1.94.
Terran Orbital Corp. (NYSE:LLAP) jumped 11% to $3.01 with a $430 million market cap. Today the Florida-based satellite maker with significant operations in Irvine announced that Chief Executive Mark Bell has been accepted into the Forbes Technology Council. Shares of Terran Orbital have doubled since the start of the year and continue the upward trend that began last week with the announcement of a $2.4 billion contract win.
The index fell after investors worried about a possible interest rate hike due to a hike in the Fed’s favorite inflation gauge in January after economic data showed.
The S&P 500 closed down 1.6% at 3,950.13.
The Dow 30 fell 1.4% to 32,689.37.
The Nasdaq closed down 2.2% at 11,339.75.
Crude oil was up 0.9% at $76.04 a barrel.
Gold was down 0.5% at $1,817 an ounce.
The yield on the 10-year Treasury bond rose 2.5% to 3,975%.
Viant Technology Inc. (Nadsaq: DSP) fell 8.4% to $3.92 per share and a market cap of $241 million. Shares of the Irwin advertising software company are down 54% from their 52-week high hit last February.
Rivian Automotive Inc. (Nasdaq: RIVN) fell 5.8% to $17.14 per share and a market cap of $15 billion. An analyst at Mizuho today cut Rivian’s target price to $42 from $50. Shares of the Irvine EV maker are down 75% from their 52-week high hit last February.
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