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Credit Suisse Finally Got Help

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Today is Thursday, March 16, 2023.
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Credit Suisse Finally Got Help
Shares of Credit Suisse (NYSE: CS) jumped by 5.56% in after-hours trading on Wednesday after the Swiss National Bank said that it could provide Credit Suisse with liquidity if needed.
Details: The positive report comes after shares of the bank dropped by 13% on Wednesday after its biggest backer, the Saudi National Bank, said that it would not provide financial assistance. Credit Suisse later said it would borrow over $54 billion from the Swiss National Bank.
Background: On Tuesday, shares of Credit Suisse plunged as the bank reported a “material weakness” in its financial reporting. The news comes as a few banks in the U.S. closed in the last week and Credit Suisse faced its own past liquidity issues.
Final Thoughts: With Credit Suisse down 72% in the past year, this is obviously a bad time to be an investor in the company. Certain bank stocks are not friendly given the tough environment for the sector.
Notables
Notable Earnings Today: FedEx (NYSE: FDX), Dollar General (NYSE: DG), Blue Apron Holdings (NYSE: APRN), Jabil (NYSE: JBL), Geron (Nasdaq: GERN), Williams-Sonoma (NYSE: WSM), Signet Jewelers (NYSE: SIG), GoHealth (Nasdaq: GOCO), Hello Group (Nasdaq: MOMO), Vitru Education (Nasdaq:n VTRU), Academy Sports + Outdoors (Nasdaq: ASO), PLBY Group (Nasdaq: PLBY), Paratek Pharmaceuticals (Nasdaq: PRTK), CymaBay Therapeutics (Nasdaq: CBAY), RumbleON (Nasdaq: RMBL), WM Technology (Nasdaq: MAPS), Designer Brands (NYSE: DBI), G-III Apparel Group (Nasdaq: GIII), Honest Company (Nasdaq: HNST), Titan Machinery (Nasdaq: TITN), Traeger (NYSE: COOK).
Notable IPOs Today: Intchains Group Limited American Depositary Shares (Nasdaq: ICG).
Notable Equity Crowdfunding Campaigns Ending Today: Voca App (StartEngine), Twisted Eggroll (Honeycomb), Pour Taproom Knoxvill (Honeycomb), iMetabolic Biopharma (StartEngine).
Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), Building Permits (8:30 a.m. ET), Philadelphia Fed Manufacturing Index (8:30 a.m. ET), Housing Start (8:30 a.m. ET), Import Price Index / Export Price Index (8:30 a.m. ET).
Adobe Keeps Breaking Records

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Adobe (Nasdaq: ADBE) jumped 5% in after-hours trading on Wednesday after the software company posted positive financial earnings results.
Financials: Adobe reported earnings of $3.88 per share in the past quarter and revenue of $4.66 billion; both were better than expected.
Details: The company achieved record Q1 revenue in the quarter, which was up 9%. Digital Media segment revenue also grew by 9%. Digital Experience segment revenue increased by 11% and Digital Experience subscription revenue increased by 12%.
Outlook: Adobe expects total revenue to be between $4.75 billion to $4.78 billion in the current quarter, which is better than what investors expected.
Stock Price: Shares of Adobe are down 24% in the last 12 months and are down 8% in the last 30 days.
Final Thoughts: Adobe suffered in 2022 due to the downturn in the software market. Although there’s still a looming issue with the Department of Justice, the company is hoping for a recovery this year.
Five Below’s Lackluster Financial Outlook
A poor financial outlook sent shares of Five Below (Nasdaq: FIVE) down by 3.13% in after-hours trading on Wednesday.
Financials: Five Below reported earnings of $3.07 per share in the past quarter and revenue of $1.12 billion; both were better than expected.
Final Thoughts: The company only expects sales to increase by 4% in the current quarter. Even though discount stores typically do well in a slower economy, it is clear that Five Below is facing some trouble.
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