Movers: Cvent, Lennar, PacWest Bancorp, Royal Caribbean, Wells Fargo

Scott Peters
15 Mar, 2023
New York City

Regional banks led the decliners today after rebounding in the previous session. 

PacWest Bancorp dropped 16% to $10.28, KeyCorp declined 2.8% to $11.82 and First Republic Bank fell 7.8% to $36.38 and Western Alliance Bancorporation increased 6.10% to $31.64. 

Credit Suisse Group AG plunged 23.5% to $2.08 after its largest investors Saudi National Bank refused to provide additional support to the troubled Swiss bank. 

Credit Suisse's woes added more pressure to already weak bank stocks and dragged down leading banks in Germany, France and Italy. 

BNP Paribas, Soicete Generale, Deutsche Bank and UniCredit declined between 7% and 10%. 

In New York, JPMorgan Chase, Bank of America, Wells Fargo and Citigroup fell between 3% and 5%. 

Lennar Corp declined 0.4% to $100.52 after the home builder said home deliveries increased but gross margins and new orders decreased in its latest quarter. 

Revenue in the fiscal first quarter ending in February increased 5% to $6.4 billion from $6.2 billion and net income rose 18% to $596.5 million from $503.6 million a year ago. 

Diluted earnings per share increased to $2.06 from $1.69 a year ago. 

Home deliveries in the quarter increased 9% to 13,659 homes but new orders decreased 10% to 14,194 homes and new orders value decreased 18% to $6.4 billion.   

Order backlog decreased 29% to 19,403 homes and backlog value plunged 33% to $9.0 billion. 

Royal Caribbean Cruises Ltd declined 4.8% to $61.48 amid a decline in cruise industry stocks. 

Last month the cruise company completed the private offering of $700 million aggregate of 7.250% senior notes due 2030. 

Wells Fargo & Company declined 4.4% to $38.39 after the bank filed a shelf registration with the SEC to sell as much as $9.5 billion of securities including warrants, purchase contracts, debt securities. 

The S-3 registration allows the filer to sell securities of any amount less than the maximum over the next three years.  

Cvent Holding Corp declined 0.3% to $8.30 after the event management technology company reported its quarterly results. 

Revenue in the fourth quarter increased to $107.8 million from $93.7 million and net loss shrank to $19.1 million from $22 billion and diluted loss per share fell to 4 cents from 5 cents a year ago. 

Revenue in the full-year 2022 increased to $630.6 million from $518.8 million and net loss increased to $100.2 million from $86.0 million and diluted loss per share rose to 21cents from 20 cents a year ago.