Silicon Valley Bank Plunges

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 10 March 2023

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

SVB Financial Group (SIVB) plunges 60%, leads banks lower (00:52). February jobs expected to ease from January's blowout number (02:52). Biden's budget proposal seeks to increase taxes on rich, boost spending, cut deficit (03:48).

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Show links:
SVB Financial Group: https://seekingalpha.com/symbol/SIVB
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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 10th, and I'm your host Julie Morgan.
0:12.0	Trouble at S. V.
0:13.1	Financial Silicon Valley Bank, the Preferred Bank of startups
0:16.8	across the Mecca of tech, looks as though it could be facing insolvency.
0:20.3	S. I.B.
0:21.2	Dropped more than 60% Thursday Thursday and the drop continues in pre-market trading.
0:26.7	The February jobs report is due out this morning.
0:29.6	The consensus estimate is for non-farm payrolls to rise 223,000 in February versus 517,000 in January.
0:39.0	President Biden's Budget Plan aims to cut the federal deficit by $3 trillion over 10 years.
0:45.5	The proposal also features a minimum 25% tax on billionaires.
0:51.3	Our top story, a balanced sheet restructuring and a lowered forecast triggered a mass
0:56.2	exodus from S. V. Financial fears of contagion emanating from Silicon Valley
1:01.1	look ready to flare up on Friday.
1:03.0	As Silicon Valley Banks, the preferred bank of startups across the Mecca of Tech
1:07.2	looks as though it could be facing insolvency.
1:09.5	Shares of S. V. Financial were down over 60% on Thursdays trading and after Yo Gregory Becker implored investors to remain calm.
1:17.2	You did anything but. Venture investors including tech entrepreneur Peter Teal's founders fund and reportedly asked to remove their funds from the financial institution.
1:26.0	And shares of SPB financial slumped another 20% in after hours trading continuing that loss into the morning hours on Friday.
1:33.6	While the struggles of the Silicon Valley Bank
1:35.6	will meet a portfolio repositioning and continued client
1:38.6	cashburn called out by its executives, of course rattled Silicon
	...

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