Schwab Has Worst Drop in Years After SVB, Block Trade
- Analysts defend stock after worst two-day stretch since 2016
- Block trade came amid stock offerings by SVB, First Republic
A Charles Schwab location in New York.
Photographer: Victor J. Blue/BloombergThis article is for subscribers only.
The worst two-day stretch since 2016 for Charles Schwab Corp. looks like a case of bad timing for the buyers behind a large block trade in the brokerage.
Schwab is down 17% since a person familiar with the matter said JPMorgan was managing a block trade worth about $650 million on Thursday before the market opened. Analysts are calling the selloff overdone after the deal traded into an awful session for financials stocks, sparked by SVB Financial Group taking a loss on its securities portfolio and seeking to raise $2.25 billion.