Diamonds and Dogs

3/16/23

First Republic Bank (FRC) on a wild ride. After opening down 20%, First Republic is higher as reports are coming in that several banks have committed to provide deposits to Republic in the amount of roughly $27.5 billion or more to provide liquidity, but no equity rights.

Ooh Snap (SNAP). The owner of Snapchat is up 7% on reports the Biden administration has told its Chinese owners to sell their stakes in the popular video-sharing app or face a ban in the U.S. The prospects of a ban would not happen anytime soon, but the beneficiaries or social-media stocks in the US like Snap, Meta Platforms and Pinterest are higher.

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