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Midday Movers on March 9th: Stocks React to Economic Report and Corporate Actions

Midday Movers on March 9th: Stocks React to Economic Report and Corporate Actions


On March 9th, the stock market reacted to a key economic report that could guide the Federal Reserve’s decision on interest rates later this month. In addition, several corporate actions were announced that impacted the stock market. In this article, we will analyze the midday movers and their impact on the stock market.

Silvergate Capital Corp (NYSE:SI) Shares Down 23% After Shutting Down Crypto Lender Silvergate Bank

Silvergate Capital Corp, a holding company that owns Silvergate Bank, announced the liquidation of the crypto lender. The announcement came a day before the midday movers on March 9th, and as a result, Silvergate Capital Corp shares fell 23%. This announcement is another sign of the fallout in digital currencies after last year’s collapse of exchange FTX. The crypto industry has faced increased scrutiny from regulators, and this has led to a decline in investor confidence.

SVB Financial Group (NASDAQ:SIVB) Shares Down 46% After Announcing $2.25 Billion Share Offering

SVB Financial Group, a Silicon Valley banker, announced that it would sell $2.25 billion in common and preferred shares, including $500 million in a private placement with investing firm General Atlantic. This announcement caused SVB Financial Group shares to fall 46%. The company intends to use the proceeds from the share offering to fund its growth initiatives, including potential acquisitions.

General Motors Company (NYSE:GM) Shares Fall 3.3% After Offering Buyouts to White-Collar Employees

General Motors Company announced that it would offer buyouts to a majority of its white-collar employees and take a $1.5B charge as it aims to cut $2B in annual costs in two years. This announcement caused General Motors Company shares to fall 3.3%. The buyouts are part of the company’s efforts to streamline its operations and improve profitability.

BJs Wholesale Club Holdings Inc (NYSE:BJ) Shares Rise 3.8% After Reporting Better-Than-Expected Q4 Earnings

BJs Wholesale Club Holdings Inc reported better-than-expected fourth-quarter adjusted earnings per share, benefiting from traffic trends in the holiday season. This announcement caused BJs Wholesale Club Holdings Inc shares to rise 3.8%. The company’s strong performance during the holiday season is a positive sign for its future growth prospects.

General Electric Company (NYSE:GE) Shares Rise 6.8% After Reaffirming 2023 Guidance

General Electric Company reaffirmed its 2023 guidance during an investor day at its Ohio aerospace headquarters. The company said revenue from aviation could grow by at least low-double digits through 2025. This announcement caused General Electric Company shares to rise 6.8%. The reaffirmation of its guidance is a positive sign for the company’s future growth prospects.


In conclusion, the midday movers on March 9th reflected the impact of a key economic report and corporate actions. Silvergate Capital Corp’s announcement of the liquidation of crypto lender Silvergate Bank is a sign of the fallout in digital currencies. SVB Financial Group’s share offering is aimed at funding its growth initiatives, while General Motors Company’s buyouts are part of its efforts to streamline operations.

Alice Scott is a prolific author with a keen interest in the stock market. As a writer for, she specializes in covering breaking news, market trends, and analysis on various stocks. With years of experience and expertise in the financial industry, Alice has developed a unique perspective that allows her to provide insightful and informative content to her readers.