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Midday movers: First Republic, Illumina, Seagen and more

By Liz Moyer

Investing.com -- Stocks are falling as the shutdown of SVB Financial Group (NASDAQ:SIVB) sends shockwaves through the banking sector. Here are the midday movers for March 10.

  • First Republic Bank (NYSE:FRC)shares fell 55% and were halted in early afternoon trading as fear of contagion spread in bank stocks after the weekend collapse of Silicon Valley Bank and Signature Bank (NASDAQ:SBNY). Shares of PacWest Bancorp (NASDAQ:PACW) were down 47%, while KeyCorp (NYSE:KEY) shares were down 25% and Comerica Inc (NYSE:CMA) fell 26%.
  • Illumina Inc (NASDAQ:ILMN)shares rose 18.9% after activist investor Carl Icahn indicated plans to launch a proxy fight for three board seats at the biotech over its acquisition of cancer screening company Grail.

  • Seagen Inc (NASDAQ:SGEN)shares were up 15% after pharmaceutical giant Pfizer (NYSE:PFE) announced plans to buy the cancer drug maker. The deal was valued around $43 billion.

  • Charles Schwab Corp (NYSE:SCHW)shares were down 7.4% as the brokerage sought to reassure investors after SVB's collapse. The company said in a statement it has a diversified business mix and conservative investment portfolio.

  • Provention Bio Inc (NASDAQ:PRVB)shares soared more than 258% on Monday after its agreement to be acquired by France's Sanofi (NASDAQ:SNY) for $2.9 billion. Provention specializes in treatments for autoimmune diseases.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.