First Republic Bank's spot in the S&P 500 Index will be replaced by Axon Enterprise Inc., S&P Dow Jones Indices said on Monday.
First Republic Bank’s spot in the S&P 500 Index will be taken over by Axon Enterprise Inc., S&P Dow Jones Indices said Monday, following the bank’s collapse and a planned takeover by JPMorgan Chase.
Axon AXON , the maker of Tasers and body cameras for police officers, will land in the S&P 500 before the market open on Thursday, S&P Dow Jones Indices said. Axon has been a member of the S&P MidCap 400. STAG Industrial Inc. STAG will replace Axon in the S&P MidCap 400. San-Francisco-based First Republic on Monday was shut down by California regulators, and the FDIC stepped in as a receiver. JPMorgan Chase & Co. JPM , the country’s largest bank, will vacuum up First Republic’s deposits and virtually all of its assets as part of that arrangement. Trading of First Republic’s stock was halted after the news.
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S&P500 Futures, yields remain pressured as traders await First Republic updatesFinancial markets portray a cautious mood while waiting for the key First Republic bidding results early Monday. Adding strength to the sour sentiment
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JPM, Bank of America consider First Republic bids as FDIC sets Sunday noon deadlineThe goal is that 'somebody else buys them and hopefully opens them up as soon as possible so there’s not turmoil in the markets,' a person familiar with the matter said.
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FDIC sets Sunday deadline for First Republic Bank bids: ReportThe FDIC set a Sunday deadline for bidding on First Republic Bank and has asked JPMorgan Chase & Co., PNC Financial Services Group, and other banks to send final bids.
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FDIC races to find buyer for collapsing First Republic Bank: reportFederal regulators are scrambling to find a buyer for First Republic Bank as the banking company’s stocks continue to tumble, according to sources.
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First Republic’s crisis is not an isolated incident - suggests JPMorgan execIn an April 27 Bloomberg Interview, JP Morgan Asset Management CIO, Bob Michele said that the crisis currently faced by First Republic Bank, isn’t “limited” to the bank itself, but a wider banking problem. He noted “some sort of resolution' is vital.
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