Stockwinners Market Radar for March 12, 2023 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service

20:09 EDT Fly Intel: Top five weekend stock stories - Catch up on the weekend's top five stories with this list compiled by The Fly: 1. After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary of Treasury Janet Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank (SIVB), Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer. Yellen also said that, "We are also announcing a similar systemic risk exception for Signature Bank (SBNY), New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer. Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law. Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors." 2. The managers of Silicon Valley Bank's investment banking arm are exploring ways to buy the firm back from its parent, Bloomberg's Matthew Monks, Gillian Tan, and Sridhar Natarajan, citing people familiar with the matter. The head of SVB Securities, Jeff Leerink, and his team are seeking help to finance a potential management buyout of the business, the people said. 3. The dramatic selloff in shares of SVB Financial has bank investors on tenterhooks, worrying that the troubles at the Silicon Valley-based lender may be indicative of more pain to come across the industry, Carleton English writes in this week's edition of Barron's. It may be a buying opportunity instead, the author argues. SVB is unique in that its client base is concentrated in industries that have been especially hurt by the impact of higher rates. Larger banks like Bank of America (BAC), JPMorgan (JPM), and Wells Fargo (WFC) have much more diversified client bases and funding sources, the publication notes. That doesn't mean large banks won't feel some pain from the current dynamics-as we witnessed Thursday-but it isn't likely to be as catastrophic, the author writes. 4. Paramount's (PARA) "Scream VI" won Oscar weekend at the domestic box office with a franchise-best opening of $44.5M. The movie received a B+ CinemaScore. Overseas, "Scream VI" also opened to a series-best $22.6M from 53 markets for a worldwide total of $67.1M. 5. Dell (DELL) and GE HealthCare (GEHC) saw positive mentions in this week's edition of Barron's.

18:29 EDT U.S. regulators say SVB depositors will have access to all money - A statement was released by Secretary of the Treasury Janet Yellen, Federal Reserve Board Chair Jerome Powell, and FDIC Chairman Martin Gruenberg, which read in part: "Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth. After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer."

17:19 EDT First Foundation reaffirms financial position strength amid recent developments - First Foundation (FFWM), First Foundation Advisors and First Foundation Bank issued an updated financial information to reiterate its strong financial position as a regional bank. The company said First Foundation has a resilient core business, with "First Foundation Bank managing assets valued at more than $13.2 billion. First Foundation Bank has a strong liquidity position with the following balances: Cash and cash equivalents held on balance sheet of approximately $972 million as of 3/10/23. Fully collateralized credit facility from the Federal Home Loan Bank with $2.3 billion available as of 3/10/23. Federal Reserve discount window availability of $343 million as of 3/10/23. Available uncommitted credit lines of $254 million as of 3/10/23. Market value of unpledged securities is $576 million as of 2/28/23, that could be liquidated or pledged to provide additional liquidity if needed. Held-to-maturity securities of 6% of assets with an unrecognized adverse mark of only $96 million, as of 2/28/23. Loan balance of $10.7 billion as of 3/10/23. The loan-to-deposit ratio was 98% as of 3/10/23. First Foundation Bank has a diversified mix of deposits that has limited-to-no direct exposure to venture capital-backed deposits. Total deposits measured $10.9 billion as of 3/10/23, an increase of $600 million since year-end 2022. Additionally, First Foundation Bank maintained the following deposit balances: Total branch deposits of $4.1 billion as of 3/10/23, compared to $4.1 billion of 12/31/22. This is consistent with typical cyclicality of branch inflows and outflows in the first quarter of the year. Total digital banking deposits of $876 million as of 3/10/23, compared to $789 million of 12/31/22. This continues to be a robust channel for gathering deposits. Total commercial services deposits, or specialty deposits, of $4.0 billion as of 3/10/23, compared to $4.0 billion of 12/31/22. First Foundation Bank's industry reputation for serving this specialized client base remains strong. Non-interest-bearing demand deposits measured 24% of total deposits as of 3/10/23. Exposure to the technology industry is limited as First Foundation Bank has not focused on technology clients, instead attracting deposits from a variety of sectors. Additionally, asset quality remains excellent, and First Foundation Bank has experienced no significant changes in classified assets, non-performing assets, and charge-offs since year-end. Known for outstanding credit quality and capital strength, First Foundation Bank has NPAs of 12 basis points as of 12/31/22 and a CET1 ratio of 10.6% as of 12/31/22." Furthermore, First Foundation Bank said it has no direct exposure to Silicon Valley Bank (SIVB) or Silvergate Bank (SI).

17:09 EDT Horizon Therapeutics announces results from real-world analysis of TEPEZZA - Horizon Therapeutics announced results of an analysis of real-world treatment with TEPEZZA in Thyroid Eye Disease patients with DON, the majority of whom had not previously responded to other treatments. This analysis summarizes real-world experience of people living with TED and DON who were treated with TEPEZZA between January 2020 and September 2022. During this period, 24 patients were identified from literature and the author's clinical experience with most receiving treatment with oral or intravenous steroids, surgery and/or radiation prior to TEPEZZA. After TEPEZZA treatment, meaningful improvement was observed in visual acuity in eyes with DON; proptosis; diplopia; and Clinical Activity Score. Reported adverse events were consistent with TEPEZZA clinical trials and included fatigue, dysgeusia, hearing issues, nausea, hyperglycemia and muscle spasms.

17:03 EDT Noah Holdings comments on recent developments involving Silicon Valley Bank - Noah Holdings (NOAH) informed its investors that it is aware of the closure of Silicon Valley Bank (SIVB) and appointment of the Federal Deposit Insurance Corporation as receiver. Noah currently has cash and cash equivalents of less than $1 million with the SVB, representing less than 0.2% of its total cash and cash equivalents, and therefore believes its exposure to any liquidity concern as a result of the SVB's Receivership is immaterial to its business operations or financial condition. In addition, Noah, under its asset management business, serves as the general partner or fund manager for certain investment funds with accounts at the SVB, and has taken necessary measures to protect against or minimize the potential impact of the SVB's Receivership on these funds. Noah will continue to monitor this situation and proactively fulfill its fiduciary duties to the limited partners and investors of the funds.

16:59 EDT Nektar Therapeutics says no cash deposits, securities at Silicon Valley Bank - Nektar Therapeutics (NKTR) issued a statement confirming that it does not have any accounts at Silicon Valley Bank (SIVB), and it does not hold any cash deposits or securities at Silicon Valley Bank. At December 31, 2022, the company had approximately $505 million in cash and investments in marketable securities.

16:54 EDT Emeren issues statement regarding Silicon Valley Bank - Emeren (SOL) has announced that it does not hold cash deposits or securities at Silicon Valley Bank (SIVB).

16:48 EDT Veracyte provides statement on impact of events surrounding Silicon Valley Bank - Veracyte (VCYT) outlined the company's cash, cash equivalents and short-term investment status in light of the events surrounding Silicon Valley Bank (SIVB). Veracyte said, "As of December 31, 2022, the company had $178.9 million in cash, cash equivalents and short-term investments. The majority of these assets are not restricted by the Federal Deposit Insurance Corporation's action to take control of SVB. The company believes its currently accessible cash, cash equivalents and short-term investments will be sufficient to satisfy its operations and obligations."

16:43 EDT Root not materially impacted by Silicon Valley Bank closure - Root (ROOT) announced that it currently maintains approximately $1.3 million on deposit with Silicon Valley Bank (SIVB). The company considers its own banking exposure to any liquidity concern at SVB as immaterial to the company's cash position. Root plans to transfer its funds from SVB at the earliest opportunity.

16:39 EDT Bill.com discusses impact of Silicon Valley Bank closure - Bill.com (BILL) has issued a statement saying that, "the California Department of Financial Protection and Innovation (DFPI) closed Silicon Valley Bank (SIVB) and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. While Bill Holdings has funds with SVB, the significant majority of our corporate cash and processed payments are with numerous large, multinational financial institutions. When we received notice of SVB's closure, we promptly redirected payments to be made through SVB to one of our multinational bank processors. The Company is no longer using Silicon Valley Bank to process payment transactions for our customers. According to the FDIC, all insured depositors of SVB will have full access to their insured deposits no later than Monday morning, March 13, 2023. In addition, the FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will be issued a receivership certificate for the remaining amount of their uninsured funds. As the FDIC sells the assets of SVB, future dividend payments may be made to uninsured depositors. Information on the SVB receivership from the FDIC can be found here. While the Company continues to assess the potential impacts associated with SVB's closure, we are providing the following preliminary information as of March 9, 2023: The Company has total corporate cash, cash equivalents, and short-term investments of approximately $2.6 billion held at multiple financial institutions. Of this amount, approximately $300 million is held at SVB. These corporate deposits with SVB are largely uninsured, and it is unclear how much of this cash will be unrecoverable. The Company has total cash held in trust on behalf of our customers of approximately $3.3 billion, held at multiple financial institutions. Of this amount, approximately $370 million is held at SVB. While the amount of FBO Funds that will be recoverable and timing of recovery is currently uncertain, we believe a significant portion will ultimately be recoverable. This assessment is based on information from the FDIC indicating that all outstanding checks issued from SVB accounts will be honored. In addition, up to $250,000 of each BILL customer's funds held in our FBO account may be recoverable through FDIC's pass-through insurance. In the event of uninsured FBO Funds, it is our intention to utilize corporate cash to ensure pending payment transactions through SVB are processed successfully. Regardless of the amount of funds recovered from SVB and FDIC, the Company strongly believes that its existing cash, cash equivalents and cash flow from operations are sufficient to meet its working capital, capital expenditures, and material cash requirements from known contractual obligations."

16:29 EDT Acadia Pharmaceuticals announces FDA approval of DAYBUE for Rett syndrome - Acadia Pharmaceuticals announced that the U.S. Food and Drug Administration has approved DAYBUE for the treatment of Rett syndrome in adult and pediatric patients two years of age and older. DAYBUE is the first and only drug approved for the treatment of Rett syndrome. The FDA approval of DAYBUE was supported by results from the pivotal Phase 3 LAVENDER study evaluating the efficacy and safety of trofinetide versus placebo in 187 female patients with Rett syndrome five to 20 years of age. DAYBUE is expected to be available in the U.S. by the end of April, 2023. With the FDA approval of DAYBUE, Acadia has received a Rare Pediatric Disease Priority Review Voucher, which can be used to obtain priority review for a subsequent application.

16:24 EDT Sonder Holdings issues statement regarding Silicon Valley Bank - Sonder Holdings (SOND) has issued a statement regarding Silicon Valley Bank, saying that, "The company had $289 million of cash and restricted cash as of December 31, 2022, over half of which is held in a AAA-rated BlackRock money market fund. As of March 9, 2023, the company had approximately $2 million in an operating cash account and approximately $20 million in deposit accounts with Silicon Valley Bank (SIVB). Sonder also holds a $60 million line of credit facility with SVB issued in the ordinary course of business for the benefit of property owners and other counterparties, of which $13 million is currently utilized in the form of letters of credit. We continue to actively monitor the evolving situation with SVB and will take appropriate actions as needed."