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Barchart
Barchart
At one point in Thursday trading, First Republic Bank (FRC) stock was over $35, 73% higher than its low for the day. The catalyst for the jump: News that 11 big banks, including JPMorgan & Chase (JPM), would inject $30 billion of uninsured deposits into the regional bank, sending a message to investors that its finances were in order. Early afternoon in Friday trading, the FRC lovefest has died. Its shares are down 26% and likely to fall further as buyers head out for St. Paddy’s Day celebrations. As a result of the $30 billion injection, the S&P Regional Banking ETF SPDR (KRE) experienced unu…