Movers: Apple, Capital One Financial, First Republic Bank, Micron Tech, Regional Banks, Taiwan Semi, Tesla

Scott Peters
10 Apr, 2023
New York City

Semiconductor stocks were in focus after Samsung said it plans to halt memory chip production in the near term after the weakness in demand for electronic and computing devices. 

Taiwan Semiconductor Mfg Co Ltd declined 1.8% to $88.60 after the company reported a decline in March sales. 

Revenue in March declined 10.9% from the previous month and plunged 15% fr.4om a year ago to NT$145.4 billion. 

Sales in the March quarter increased 3.6% to NT$508.6 billion. 

Micron Technology jumped 4.7% to $61.35 but Qualcomm Inc declined 1.2% to $121.50.  

Tesla Inc dropped 4% to $177.53 after the company said plans to cut vehicle prices again in China and build another factory to produce electric vehicle batteries. 

Capital One Financial Corp decreased 1.7% to $93.28 after the financial services company said in a regulatory filing that Walmart Inc is suing the company to end its partnership agreement. 

First Republic Bank declined 0.8% to $13.92 after the embattled regional bank disclosed in a regulatory filing that it suspended dividend on its preferred stock. 

"As a measure of prudent oversight, the Board of  Directors determined to suspend payment of the quarterly cash dividend on each series of the bank’s outstanding noncumulative perpetual  preferred stock," said the company in a filing with the SEC. 

Apple Inc declined 2.1% to $161.29 after International Data Corporation said global PC shipments fell 30% in the first quarter and Mac shipments dropped 40% in the three-month period.

Regional banks were in focus after the latest data from the Federal Reserve showed deposit withdrawals slowed in the previous week. 

For the week ending March 29, seasonally adjusted deposits at all banks declined $64.7 billion or 0.37% compared to $172.1 billion or nearly 1% in the previous week. 

PacWest Bancorp increased 1.6%, Zions Bancorporation added 0.6%, East West Bancorp gained 0.4% and Western Alliance Bancorporation advanced 0.9%.