First Republic Stock Slides
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 25 April 2023
⏱️ 10 minutes
🧾️ Download transcript
Summary
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Show links:
First Republic (FRC) It's official: Biden launches 2024 re-election campaign
CNN ousts morning anchor Don Lemon amid controversies (updated)
Top host Tucker Carlson out at Fox News; Fox stock dips
Carrier declines on report of $10B bid for Germany’s Viessmann
Weight-loss drugmakers push for Medicare coverage
Why did Rumble stock rise today? Tucker Carlson's on the market
U.S. gasoline prices may have hit summer season peak, GasBuddy says
Catalyst watch: Earnings blitz, Mobileye lockup expiration and the new one-day VIX debut
Alphabet earnings look: Watching the ad slowdown, layoffs - and AI
General Electric beats Q1 top and bottom line estimates; updates FY23 outlook
General Motors Non-GAAP EPS of $2.21 beats by $0.48, revenue of $39.99B beats by $610M
VZ earnings preview: Eyes on subscriber count
PepsiCo Non-GAAP EPS of $1.50 beats by $0.11, revenue of $17.85B beats by $580M
UPS Non-GAAP EPS of $2.20 misses by $0.01, revenue of $22.9B misses by $80M
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 Tuesday, April 25th, and I'm your host Julie Morgan. |
| 0:12.0 | Chairs of First Republic are down pre-market. |
| 0:15.0 | The impetus for the steep decline is a sharp drop in deposits for the first quarter of 2023. |
| 0:21.0 | A deal between GM and Samsung SDI, the two are partnering to build an |
| 0:26.7 | electric vehicle battery plant in the US. Good news for summer travel plans. Gas Buddy is saying summer prices to fill up the tank |
| 0:35.5 | may have already peaked. |
| 0:38.0 | Our top story. |
| 0:39.4 | Chairs of First Republic are down pre-market |
| 0:41.9 | following its earnings report. Seeking Alpha Associate |
| 0:45.2 | News Editor Kevin Curran has the update. |
| 0:48.0 | First Republic stock looks headed for another steep dive on Tuesday, falling as |
| 0:52.4 | much as 25% in pre-market action. |
| 0:55.1 | The impetus for the steep decline is a sharp drop in deposits for the first quarter of |
| 1:00.4 | 2023. |
| 1:01.3 | The San Francisco-based bank showed deposits that had dropped by more than |
| 1:04.3 | $70 billion during the three-month period, falling to $104.5 billion, and significantly |
| 1:10.0 | missing the analyst estimate that had pegged it around $137 billion. |
| 1:15.0 | C. F. O'Neill Holland cited the fallout from the collapse of Silicon Valley Bank |
| 1:19.2 | as a key factor impacting the bank's performance during the first quarter and noted that the company is continuing to work to restructure its balance sheet and reduce expenses. |
| 1:28.0 | These actions include a plan to reduce the size of the total workforce at the bank by approximately 20 to 25 |
| 1:33.8 | percent during the second quarter. CEO Mike Groffler said quote we are pursuing |
... |
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