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Credit Suisse (NYSE:CS) notched the biggest gain of financial stocks, up 24% in the week ended Oct. 7, after the company offered to buy back $3B of its debt and reports emerged that it has a number of bidders for its structured products business.
The surge came after Credit Suisse shares sank 31% in Q3 after reports that it was considering a capital raise.
- 360 DigiTech (NASDAQ:QFIN), which had dropped 26% in Q3, rose 15% last week; followed by
- Insurance company Genworth Financial (NYSE:GNW) ended the week up 12%;
- UWM Holdings (NYSE:UWMC), the wholesale mortgage firm, gained 11%, but is still down 10% in the past month; and
- Sao Paolo, Brazil-based fintech XP (NASDAQ:XP) grew 11%.
For the decliners, pet health insurer Trupanion (NASDAQ:TRUP) dropped 13% for the week, continuing a slide that has brought it down 61% year-to-date;
- Shanghai-based fintech Lufax Holding (NYSE:LU) fell 12%, after it fell 59% during Q3;
- RenaissanceRe Holdings (NYSE:RNR) dipped 8.3%;
- ProShares Ultra Real Estate ETF (NYSEARCA:URE) slid 7.2% as real estate shares continue to suffer from climbing mortgage rates; and
- Silvergate Capital (NYSE:SI) declined 6.8% in the week that Wells Fargo downgraded the crypto-related bank to Underweight due to limited growth outlook as volume of its Silvergate Exchange Network remains suppressed due to languishing crypto prices.
