Trading of Bank Shares Halted After Value Plunges
Some banks had trading shares halted on Tuesday morning after a drop in value amid ongoing widespread economic concerns in the United States.
On the New York Stock Exchange (NYSE) website, a full list of regulator halts showed that both Western Alliance Bank and PacWest Bancorp were placed under a LULD Pause, also known as a “Limit Up Limit Down” halt. Both Western Alliance Bank and PacWest Bancorp had their halts lifted as of publication.
The trading halts came shortly after the banks experienced a decrease in share prices. Share prices of PacWest Bancorp fell over 30 percent by 10:49 a.m. ET, Yahoo Finance reported. Similarly, the share prices of Western Alliance Bank fell over 20 percent by 10:50 a.m. ET on Monday.
Western Alliance becomes latest US bank to explore potential sale: FT
*WESTERN ALLIANCE HALTED AFTER SHARES SINK 30% ON FT REPORT
— zerohedge (@zerohedge) May 4, 2023
Bank stocks are now meme stocks!
Funny, they imply retail is responsible via through social media in one breathe and in another:
The duality of ‘retail’ who has all this money to make these moves…
It was always going to be ‘our’ fault….
Market value of regional banks has plunged to $100 billion from $480 billion since January 2022.
130 regional bank stocks are down more than 5% today
Exactly 0 of the 349 regional banks are green today
Yikes. pic.twitter.com/Vb7lhLnAuA
— Genevieve Roch-Decter, CFA (@GRDecter) May 4, 2023
h/t BoatSurfer600