Analyst sees market betting on First Republic bailout as early as Friday

Odeon Capital analyst Richard Bove said the steep slide in First Republic Bank FRC stock on Friday is partly attributed to investor sentiment that the Federal Deposit Insurance Corp. will take over the ailing bank after the closing bell on Friday. “The stock is going to down toward zero because if the FDIC takes over a bank, they do it on a Friday afternoon after the market closes. “The market clearly believes that’s what’s going to happen today.

Odeon Capital analyst Richard Bove said the steep slide in First Republic Bank FRC stock on Friday is partly attributed to investor sentiment that the Federal Deposit Insurance Corp. will take over the ailing bank after the closing bell on Friday. “The stock is going to down toward zero because if the FDIC takes over a bank, they do it on a Friday afternoon after the market closes. “The market clearly believes that’s what’s going to happen today.

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Dow, S&P 500 close lower Wednesday as First Republic woes eclipse Big Tech earnings: Live updatesThe Dow lost more than 200 points as investors’ worries around First Republic overpowered their excitement around Big Tech earnings. The Dow fell 0.68%. The S&P 500 shed 0.39%. The Nasdaq popped 0.47%.
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