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Coinbase was warned by the Securities and Exchange Commission that the agency could take enforcement action against the crypto exchange.
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Stocks were rising Thursday, a day after equities fell sharply following the Federal Reserve’s interest-rate increase and after Treasury Secretary Janet Yellen told lawmakers she wasn’t considering expanding deposit insurance for banks.
These stocks were making moves Thursday:
Coinbase
(ticker: COIN) dived 10.6% after saying it received a “Wells Notice” from the Securities and Exchange Commission, which warned that the agency’s staff had made a preliminary determination to recommend an enforcement action against the crypto exchange.
In a securities filing, Coinbase said that based on conversations with the agency, it believes the action “would relate to aspects of the company’s spot market, staking service Coinbase Earn, Coinbase Prime and Coinbase Wallet.”
Block
(SQ) tumbled 12.2% after short seller Hindenburg Research questioned user numbers provided by the company and made allegations of predatory tactics. Block didn’t immediately respond to a request for comment.
First Republic Bank
stock (FRC) was falling 3.8%, while shares of fellow regional lender
PacWest Bancorp
(PACW) slid 5.4%. First Republic dropped more than 15% on Wednesday, and
PacWest
slumped more than 17% after conflicting messages from government officials about the safety of deposits.
Office furniture maker
Steelcase
(SCS) posted fiscal fourth-quarter sales that beat Wall Street expectations, and the stock rose 12%.
KB Home
(KBH) jumped 9.6% after reporting fiscal first-quarter earnings and sales that beat analysts’ estimates. The home builder said it began to see an increase in demand as it entered the spring selling season.
Chewy
(CHWY), the online pet-products retailer, fell 8.4%. The company reported a surprise profit in its fiscal fourth quarter, but also posted a drop of 1.2% in active customers from a year earlier to 20.41 million.
Accenture
(ACN) shares jumped 7.7% after the company, which offers IT consulting and other services, said it was cutting 19,000 jobs and posted second-quarter adjusted earnings that beat analysts’ expectations.
AMC Entertainment
(AMC) was rising 4.6% to $4.54.
Citi
resumed coverage on shares of the movie theater chain with a Sell rating and $1.60 price target.
Share of food manufacturing giant
General Mills
(GIS) rose 3.7% after the company posted better-than-expected results for its third quarter and raised its fiscal-year guidance.
Shares of
Ford
(F) gained 1.9% after the car company updated details about its electric-vehicle business.
Write to Joe Woelfel at joseph.woelfel@barrons.com
