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S&P 500: Crashing Bank Stocks, Dow Giant Lead Losers




First Republic Bank ( FRC ) was easily the S&P 500’s biggest loser in the stock market today. Microsoft (MSFT), Paycom software (PAYC), Intel (INTC) and Illumina ( ILMN ) fell modestly, but rounded out Monday’s five biggest S&P 500 decliners.




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The S&P 500 rose 0.9% on Monday, back above its 200-day moving average.

FRC share crash

FRC shares fell 47% to 12.18 on Monday, hitting a record low as First Republic becomes the new epicenter of the banking crisis. JPMorgan Chase (JPM) advises California-based First Republic on strategic options, including ways to raise capital. But as FRC stock continues to plunge, a share sale will become increasingly dilutive.

Early Monday, S&P Global downgraded First Republic deeper into junk territory after losing its investment-grade status last week. Moody’s Investors Service cut First Republic to junk late Friday.

Last Thursday, S&P 500 stock FRC fell 10% after JPMorgan and 10 other banks announced they were putting $30 billion into First Republic. But shares plunged 33% on Friday.

First Republic shares have fallen 90.1% so far in March.

Speculation is growing that First Republic needs a buyer, but regulators may be reluctant to allow a major bank like JPMorgan to make a significant acquisition.


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Microsoft stock

MSFT shares fell 2.6% to 272.23, falling back below a buy point of 276.76. That’s according to MarketSmith analysis. But that’s after the Dow Jones, S&P 500 and Nasdaq composite rose 12.4% last week, with five days of gains on increasing volume.

Paycom shares

Paycom shares fell 2.4% to 270.37 on Monday, the lowest close since late June.

Intel stock

INTC shares, another Dow/S&P 500/Nasdaq component, retreated 2.2% to 29.16 after turning lower from the long-sliding 200-day line on Friday. INTC stock has a bottom base that formed below its 200-day moving average, which is not a good sign. But a move above the 31.27 buy point would mean topping the 200 day.

A bigger problem is that Intel’s earnings and INTC shares are lagging in the chip sector.

Illumina shares

ILMN shares gave up 2.1% to 219.77. The maker of DNA sequencing machines has pulled back over the past few days since surging 17% on March 13. The upside is that ILMN stock now has a handle on its cup-shaped bottom. The purchase price for cup with handle is 238.65.

Follow Ed Carson on Twitter at @IBD_ECarson for stock exchange updates and more.

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