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Seeking Alpha 2022-07-23 14:19:00

Silvergate Capital leads week's financial gainers, while SVB Financial dips the most

Silvergate Capital (NYSE:SI) +40.5% outpaced financial winners by a wide margin in the week ended July 22 after its Q2 earnings breezed past Wall Street expectations. Perhaps the relief rally in bitcoin (BTC-USD) +6.5% also helped push up shares of the crypto bank at the time. As for the rest of the top five biggest financial gainers (with market cap of over $2B): Regional lender BancFirst (BANF) +10.4% perked up following stronger than expected second-quarter results; Similarly, megabank Goldman Sachs (NYSE:GS) +10.2% climbed after its Q2 earnings easily exceeded consensus estimates, as falling expenses helped to offset lower revenue. Take a look at why SA contributor The Value Premium justified Goldman as a Buy post-earnings;Jefferies Financial (JEF) +10.2% gained as it plans to spin off its Vitesse Energy unit and simplify its corporate structure; andClosed-end equity mutual fund John Hancock Financial Opportunities Fund (BTO), which invests in publicly-traded firms within the financial services sector, also rose 10.2% over the past week. Turning to the top five biggest financial losers: SVB Financial (NASDAQ:SIVB) -11.6% dropped the most after a big Q2 miss as well as a downbeat full-year outlook. In turn, several analysts reduced their 2022 EPS estimates;Up next came Signature Bank (NASDAQ:SBNY), another regional lender whose shares fell 8.2% despite better than anticipated Q2 earnings; Property and casualty insurer Allst...

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