Despite massive gains across the board in Friday’s session, artificial intelligence-based lending platform Upstart (NASDAQ: UPST) -54.6% plunged the most among the five biggest financial losers ($2 billion+ market cap) in the week ended May 13. The shares fell dramatically after his Orientation 2022 disappointed investors, followed by a series of analyst demotions.
As for the rest of the financial industry’s biggest losers, cryptocurrency lender Silvergate Capital (NYSE:IF) -32%which came under selling pressure as bitcoin (BTC-USD) -13% and other major tokens tumble on investor uncertainty;
Financial services company Jackson Financial (NYSE:JXN) -23.4% fell after its first-quarter earnings fell short of Wall Street expectations;
Signature Bank (SBNY) -14.3% drifted down and;
Brighthouse Financial (BHF) –12.1% declined after first quarter net investment income declined further.
The top five financial performers are:
White Mountains Insurance (NYSE: WTM) +10.4% climbed after its decision to sell NSM Insurance to Carlyle (CG);
Dutch bank ING Group (ING) +8.8% perked up as it went ex-dividend on Friday;
Chinese personal financial services platform Lufax (LU) +8.2% Pink;
TPG Asset Manager (TPG) +6.9% increased after its first quarter results and;
Federated Hermès (FHI) +6.8% won.
Earlier (May 13), consumer confidence fell below expectations in May as inflation hovered around 40-year highs.