Seeking Alpha
2022-05-14 14:44:00

Lending platform Upstart, crypto bank Silvergate Capital lead weeks' financial losers

Despite massive gains experienced across the board on Friday's session, artificial intelligence-powered lending platform Upstart (NASDAQ:UPST) -54.6% nosedived the most among the top five biggest financial losers (market cap of $2B+) in the week ended May 13. Shares fell substantially after its 2022 guidance disappointed investors, followed by a series of analyst downgrades. As for the rest of the biggest losers within the financial sector, Cryptocurrency lender Silvergate Capital (NYSE:SI) -32%, which experienced selling pressure as bitcoin (BTC-USD) -13% and other major tokens slump in the wake of investor uncertainty; Financial services firm Jackson Financial (NYSE:JXN) -23.4% dipped after its Q1 earnings fell short of Wall Street expectations; Signature Bank (SBNY) -14.3% drifted down and; Brighthouse Financial (BHF) -12.1% declined after Q1 net investment income further declined. The top five best financial performers are: White Mountains Insurance (NYSE:WTM) +10.4% climbed after its move to sell NSM Insurance to Carlyle (CG); Netherlands-based bank ING Group (ING) +8.8% perked up as it went ex-dividend Friday; China-based

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