Yahoo Finance Midday movers: First Republic, FedEx, Newmont and more
By Liz Moyer
Investing.com -- Stocks were under pressure again as investors worried about the state of the banking system given dramatic events this week. Here are the midday movers for March 17.
First Republic Bank (NYSE:FRC) shares fell 26% on Friday, a day after a group of large banks collectively deposited $30 billion in uninsured funds at the bank as a show of confidence. Investors are wary of banks despite government backstops for deposits at Silicon Valley Bank and Signature Bank, which both were closed last weekend. Credit Suisse Group (NYSE:CS) shares were down 7% despite the Swiss National Bank offering a borrowing line up to $54B. FedEx Corporation (NYSE:FDX) shares rose 8% after the logistics giant beat expectations for fiscal third-quarter earnings and raised its outlook for the year as cost cuts kick in.
Newmont Corp (NYSE:NEM) shares rose 4% as the gold mining company benefits from rising commodity prices. The price of gold is up more than 2% on Friday to near $1,960 an ounce.
Bumble Inc (NASDAQ:BMBL) shares rose 4% after Citigroup initiated coverage of the dating app maker as a Buy, citing increased market share and product introductions that are boosting paid user conversion.
Xpeng Inc (NYSE:XPEV) shares rose 8% despite reporting a drop in electric vehicle deliveries in the latest quarter. Management said they were optimistic about the future growth of the business given greater EV adoption.
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Midday movers: First Republic, FedEx, Newmont and more
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