Last night, I reported to all of you that three more U.S. Banks were in big trouble and named PACWEST BANCORP as one of those three. Today, its stock value dropped but that was nothing compared to what has taken place since markets closed at 4:30 this afternoon. PACWEST stock has plunged 56%+ since 4:30 today!
As of 5:51 PM EDT tonight (3 May 2023):
2.7892 -3.6308 (-56.5545%)
PacWest now has mandatory institutional divestment. Opinions of Traders on the street is that the Bank will probably drop to $1-$2 tomorrow, and the Bank will be Dead in a week . . . just like First Republic Bank this past Monday.
2023 is the year toxic zombie & woke banks DIE!
Silicon Valley Bank…..DEAD
Signature Bank…..DEAD
First Republic Bank…..DEAD
PacWest Bank…..DEAD???
Who’s next?
My guess:
Western Alliance
Metropolitan Commercial
Homestreet
Zions
(Not necessarily in that order)
Source: Harold Turner