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The Latest Breaking News from Silicon Valley Bank

Stock Market Sinks As Nasdaq Falls 1.8%; Bank Shutdown Hits Sector And Beyond

The stock market's major indexes closed sharply lower after a brutal day. Bank stocks fell hard after SVB Financial bank was shut down.

Investors Business Daily

Markets in turmoil as US closes Silicon Valley Bank

SANTA CLARA (UNITED STATES) - US regulators shut down Silicon Valley Bank on Friday in a spectacular move that sent global banking shares into turmoil, as markets fretted over possible contagion from the biggest banking failure since the 2008 financial crisis.

Bangkok Post

Tech firms pour cash into Revolut and Wise amid Silicon Valley Bank demise

UK tech firms are pouring cash into Revolut, Wise and other London fintechs after scrambling to withdraw funds from Silicon Valley Bank amid fears they may lose access to their deposits, the Standard has learned.

Evening Standard

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Silicon Valley Bank Panic Crashes 10 Bank Stocks — Is Yours OK?

The halt of trading shares of Silicon Valley Bank is setting off a cascade of selling throughout the financial sector.

Investors Business Daily

Silicon Valley Bank collapses in second-biggest US bank failure ever

Largest bank collapse in 15 years, since global financial crisis

The Independent UK

SVB cash crunch highlights $620 billion hole in banks’ balance sheets

The spike in interest rates has been devastating for the value of their securities portfolios, meaning many carry around billions in unrealized losses that could pose a problem if funding dries up.

Fortune

Silicon Valley Bank seized by FDIC as depositors pull cash

The Federal Deposit Insurance Corporation is seizing the assets of Silicon Valley Bank, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis

The Independent UK

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Silicon Valley Bank collapses and enters receivership after tech firms pull funds

Silicon Valley Bank has been closed by California regulators after tech firms scrambled to withdraw funds from the business.

Evening Standard

U.S. government takes control of Silicon Valley Bank

This is the largest bank failure since Washington Mutual in 2008.

Axios

Silicon Valley Bank’s parent is reportedly struggling to pull off a fire sale after its stock blew up and it failed to raise capital

“It doesn’t smell good right now, and there’s a lot of panic,” a venture investor who spoke with dozens of SVB clients told Fortune Thursday.

Fortune

Silicon Valley Bank shares halted as tech firms scramble to withdraw funds

Silicon Valley Bank has been closed by California regulators after tech firms scrambled to withdraw funds from the business.

Evening Standard

SVB Financial Fails, Silicon Valley Bank Closed; Many Bank Stocks Still Reeling

The FDIC said SVB Financial has failed, with Silicon Valley Bank closed by regulators. Bank stocks are falling again Friday, but off lows.

Investors Business Daily

Dow Jones Slides On Strong Jobs Report; Silicon Valley Bank Crashes 66% On Bank Run Fears

The Dow Jones dropped Friday on a strong jobs report. Silicon Valley Bank crashed 66% on growing fears of a bank run.

Investors Business Daily

VCs describe a big mess as Silicon Valley Bank’s troubles spark panic

Founders are pulling cash from Silicon Valley Bank as fear of a bank run has spread.

Fortune

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Axios

What happened to Silicon Valley Bank?

Behind the remarkable reversal of fortune for the startup world's bank of choice.

Fortune

Bill Ackman thinks the government should consider SVB bailout

The founder of Pershing Square Capital Management said the collapse of Silicon Valley Bank "could destroy a long-term driver of the economy."

The Guardian - UK

US adds 311,000 jobs in February; UK economy returns to growth; regulators take over Silicon Valley Bank – as it happened

UK economy has proved ‘more resilient than many expected’ says chancellor Jeremy Hunt, while problems at Silicon Valley Bank knock FTSE 100 down 2%

Fortune

VCs and startup founders are freaking out about Silicon Valley Bank

Startup founders are pulling cash from Silicon Valley Bank, even as some VCs say the panic is overblown and fueling the fire.

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StockNews.com

2 Insanely Expensive Stocks to Avoid in 2023

The recent hawkish comments from Fed chair Powell have increased expectations of more interest rate hikes this year. Economists believe that aggressive rate hikes will eventually lead to a recession. Amid an uncertain macroeconomic backdrop, it could be wise to avoid pricey stocks Take-Two Interactive Software (TTWO) and SVB Financial…

Evening Standard

Silicon Valley Bank creates UK subsidiary in boost for London’s tech sector

The firm said the move reflects the strong growth of tech businesses in the UK

Benzinga

ACHV: First Quarter 2022 Results

By John Vandermosten, CFA NASDAQ:ACHV READ THE FULL ACHV RESEARCH REPORT

Benzinga

Achieve Life Sciences Aces Pivotal Cytisinicline Study In Smoking Cessation

Achieve Life Sciences Inc (NASDAQ:ACHV) has announced positive topline results from the Phase 3 ORCA-2 trial of 3mg cytisinicline for 6-weeks or 12-weeks compared to a placebo in 810 adult smokers. The 6- and 12-week cytisinicline treatments demonstrated significantly better quit rates than placebo, with odds ratios of 8.0 and 6.3, respectively. Subjects…

Benzinga

EyePoint Pharma Secures $45M Credit Facilities For Debt Refinancing

EyePoint Pharmaceuticals Inc (NASDAQ:EYPT) has secured senior secured credit facilities of $45 million from Silicon Valley Bank to replace its existing credit facility with CRG Servicing LLC. Under the terms of the new agreement, a $30 million term loan facility and an asset-based revolving credit facility of up to $15 million will replace the existing approximately…

Benzinga

ACHV: The Final Phase III Begins

By John Vandermosten, CFA NASDAQ:ACHV READ THE FULL ACHV RESEARCH REPORT

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