SVB Financial (NASDAQ:SIVB) stock is currently under a trading halt on Friday as investors await pending news from the company.
That trading halt went into effect at 8:35 a.m. Eastern. today with a T1 code. The T1 code means the halt was introduced “pending the release of material news.” What that news is still isn’t known as the halt remains in place as of this writing.
However, we do know that SVB Financial has experienced a massive fall these last couple of days. This follows the company’s announcement of a proposed public stock offering to raise additional funds.
Following that announcement, shares of SIVB stock underwent a massive 60% drop in trading on Thursday. That triggered investors and companies to pull their funds from the company and also sparked a series of downgrades for the stock.
SIVB Stock Movement Today
Before the trading halt went into effect, shares of SIVB stock were among the biggest losers in our pre-market coverage. That’s despite company CEO Greg Becker attempting to soothe upset investors in a call yesterday. The bad news is even pulling other bank stocks down on Friday.
All-in-all, things aren’t looking good for SIVB stock today. When the trading halt eventually ends, it’s likely the company’s stock will continue its recent downward momentum. That is unless the pending news is enough to undo the recent damage done by the proposed public offering announcement.
Investors seeking out more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market coverage traders need to know about on Friday! A few examples include why shares of Johnson & Johnson (NYSE:JNJ) stock are moving, more details concerning SIVB, and the latest on Roblox (NYSE:RBLX) stock.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.