First Horizon leads weekly financial gainers, while Grab Holdings sinks the most
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- The financial stock that rose the most this week reflects the week's biggest bank deal, while the financial stock that fell the most is a fintech that delivered disappointing guidance.
- The top five gainers for the week ended March 4 (with market cap over $2B) were led by First Horizon (NYSE:FHN), +30%. The bank agreed to be acquired by Toronto-Dominion Bank (NYSE:TD) for $13.4B in cash. Its stock ended the week at $23.70 per share, approaching the $25 per share acquisition price.
- Rocket Companies (NYSE:RKT) stock jumped 16% for the week as it expects its Q1 gain on sale margin, a measure of profitability, to stay at least even with Q4.
- Digital World Acquisition (NASDAQ:DWAC), +9.0%, the SPAC that agreed to take Donald Trump's social media business public, has risen for five straight sessions and was helped by TRUTH Social's launch two weeks ago.
- Colombian bank Bancolombia (NYSE:CIB) rose 7.4% for the week; and
- S&P Global (NYSE:SPGI), which operates S&P Dow Jones Indices and S&P Global ratings, climbed 7.0% in the week after its merger with IHS Markit was approved by the U.K. and EU.
- The biggest decliner for the week, Grab Holdings (NASDAQ:GRAB) slumped 42% for the week, as guidance for its deliveries business proved disappointing.
- Deutsche Bank (NYSE:DB) fell for a second week, -26%, as European bank stocks slid after the Ukraine war started.
- Goosehead Insurance (NASDAQ:GSHD) stock fell 25%; late yesterday its COO disclosed the sale of 32K shares.
- ING Groep (NYSE:ING), is another European bank, dropped 24%; and
- Lufax Holding (NYSE:LU), -24%, a Shanghai-based financial services platform, rounded out the five stocks that fell the most this week.
- While it didn't make the list for the weekly decliners, Upstart Holdings (NASDAQ:UPST) took a 14% tumble on Friday after its CEO sold a chunk of his shares. It ended the week up 10%.