27 Mins Ago
Western Alliance surges after reporting first-quarter earnings report
Regional bank stock Western Alliance popped 13% in extended trading after the company said in its first-quarter that deposits have stabilized since last month’s collapse of Silicon Valley Bank.
Western Alliance said it had $47.6 billion in deposits at the end of March, down about 11% from $53.6 billion at the end of December. The bank said it saw non-interest bearing deposits and savings and money market accounts decline, but deposits in interest-bearing accounts and certificates of deposits increased.
Those deposit issues may have been less than some investors feared, and Western Alliance said things have been improving. The company said that it added another $2 billion in deposits in the first two weeks of April, and that more than 70% of its deposits are insured.
The bank’s net revenue of $552 million did miss analyst estimates of $666 million, according to Refinitiv, and net income of $142.2 million was down more than 50% from the fourth quarter.
Shares of Western Alliance were down 45% year to date as of Tuesday’s close.
— Jesse Pound
51 Mins Ago
Stock futures are little changed as earning season continues
Stock futures were mostly flat Tuesday with all three major indexes heading lower.
Futures tied to the Dow Jones Industrial Average slipped 23 points, or 0.06%, while S&P 500 futures lost 0.05% and Nasdaq futures pulled back 0.12%.
— Brian Evans
