First Republic Bank: Bank Support, Suspends Dividend

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 17 March 2023

⏱️ 12 minutes

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Summary

First Republic Bank (FRC) sinks after suspending dividend following bank support (00:41). FedEx (FDX) stock flies higher as cost-saving efforts bear fruit (03:04). TikTok (BDNCE) said in talks with potential buyers as U.S. pushes for possible ban - report (05:10).

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Transcript

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0:00.0	Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning.
0:07.0	Good morning, today is Friday, March 17th, and I'm your host, Judy Morgan.
0:12.0	First Republic suspends its dividend following a multi-billion dollar infusion of bank support.
0:18.0	We'll take a look at how the market is reacting.
0:21.0	FedEx is in our day watch. The start gain for the Memphis
0:24.4	based transportation company comes after a far stronger than expected
0:27.8	fiscal third quarter profit for the company. FDX is up more than 11% pre-market.
0:33.7	Google is raising its monthly price for YouTube TV
0:37.6	and reducing its prices for 4K services.
0:41.6	Our top story shares of First Republic gain 10% Thursday but at this early hour pre-market some
0:48.8	of those gains are being reversed. First Republic is down 6% pre-market. After announcing it was
0:55.1	suspending its dividend after Big Banks pledged the troubled financial
0:59.3	institution 30 billion dollars in deposits.
1:02.6	First Republic said in a statement, quote,
1:05.0	the bank is focused on reducing its borrowings
1:08.0	and evaluating the composition and size of its balance sheet
1:11.8	going forward.
1:13.0	The statement goes on to say,
1:14.8	consistent with this focus and during this period of recovery,
1:18.6	the Bank's Board of Directors
1:20.2	has determined to suspend its common stock dividend.
1:23.8	As of March 15th, First Republic said the bank had a cash position of approximately $34 billion,
	...

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