First Citizens' stock leaps on SVB deal, Carnival share drop after downbeat outlook, and other stocks on the move

By Steve Goldstein and Tomi Kilgore

Regional banking sector gets a big boost from First Citizens deal, Blackbaud shares rally on hostile buyout bid

Here were some of the most active stocks on Monday, as the broader stock market, outside of technology, was getting a lift from improving banking sector news.

Stock gainers:

First Citizens Bancshares Inc.'s stock (FCNCA) jumped 26% in afternoon trading, as the North Carolina bank is buying $72 billion of assets from the fallen Silicon Valley Bank at a $16.5 billion discount, the Federal Deposit Insurance Corp. announced.

Regional banks surged on the back of the better banking news, as the SPDR S&P Regional Banking exchange-traded fund(KRE) climbed 1.5%. Shares of First Republic (FRC) stock rose 11.2% to pace the S&P 500 index's gainers, and of Western Alliance Bancorp(WAL) rose 5.0%.

KeyCorp's stock climbed 5.6% after Citi Research upgraded the bank, citing an attractive risk-versus-reward profile.

Silvergate Capital(SI), the parent of failed Silvergate Bank, saw its shares rise 14.5%.

Novartis AG shares (NOVN.EB) rallied 8.3% as the drugmaker reported positive trial data on a breast-cancer drug.

Blackbaud Inc. shares shot up 12.2% after Clearlake Capital Group L.P. disclosed a bid to buy the provider of software for the philanthropic community for $71 a share, which would value Blackbaud at about $3.8 billion Blackbaud's board of directors unanimously rejected Clearlake's unsolicited bid.

Stock losers:

Carnival Corp.'s stock (CCL) dropped 5.5% after the cruise operator reported better-than-expected fiscal first-quarter results, but provided a downbeat loss outlook for the second quarter and full fiscal year.

BioNTech SE's stock weakened 2.3%. The German vaccine maker reported profit and sales ahead of forecasts, but estimated EUR5 billion ($5.4 billion) of COVID-19 vaccine revenue this year, down from EUR17.2 billion in 2022. It also said a renegotiation of the existing supply contract with the European Union may lead to a rephasing of dose deliveries across multiple years and/or volume reduction.

Codiak BioSciences Inc. shares (CDAK) plummeted 54.1% after the Massachusetts-based biopharmaceutical company filed for bankruptcy, and said it was looking to sell off its assets.

-Steve Goldstein

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03-27-23 1409ET

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