Bond yields fall sharply as investors see a chance that the Federal Reserve will either pause its rate-hike campaign or raise borrowing costs more slowly.
Shares of Bunge Ltd. BG rallied in the extended session Monday after S&P Indices said Bunge would replace the failed Signature Bank in the S&P 500 index. SPX The change is effective before the bell Wednesday. Last Friday, the index manager said that Insulet Corp. PODD was replacing Silicon Valley Bank parent SVB Financial Group in the index after Silicon Valley Bank was shut down on Friday by regulators. Crypto-friendly Signature Bank was shut down on Sunday. Bunge is an agribusiness and food company headquartered in St. Louis. It has a market cap of about $14 billion.
Silicon Valley Bank parent company SVB Financial Group SIVB said late Monday the board’s restructuring committee named William Kosturos as chief restructuring officer. Kosturos was provided by Alvarez & Marsal, the advisory firm that is serving as SVB’s “restructuring counsel” as it explores “strategic alternatives” for the company and its businesses, SVB said in a filing with the Securities and Exchange Commission. Kosturos previously served as CRO for Washington Mutual, the largest U.S. bank failure back in 2008.
BuzzFeed Inc. BZFD shares dropped in the extended session Monday after the media company reported a revenue forecast that fell short of expectations and said the majority of its cash was held at Silicon Valley Bank. BuzzFeed shares fell as much as 9% after hours, following a 0.8% decline in the regular session to close at $1.28. The company said it expects first-quarter revenue between $61 million and $67 million, when analysts surveyed by FactSet had forecast $83.6 million. For the fourth quarter, BuzzFeed reported revenue of $134.6 million while analysts had forecast $131.2 million. The company also said it ended the year with cash and cash equivalents of about $56 million, and that as of Friday the majority of its cash was at Silicon Valley Bank.