The Yahoo Finance Live team breaks down the rise in regional bank stocks, Morgan Stanley CEO stepping down within the next year, and the company's stock movement.
JULIE HYMAN: Let's bring you a check on the markets, not even 30 minutes into the session, but wanted to zero in on some specific stuff here. First of all, I'm looking at the regional banks here. We've got a little more green than red on the screen in today's session. But what's interesting to me is that we continue to see a rebound and some of these really beat up names. Here's the weekly chart for PacWest Bancorp, now up by about 35%.
I wanted to take it back and look at that two month view, about since we got the collapse of Silicon Valley Bank. So here's the two month chart, still down about 34%. But coming up off of the bottom here is what we have seen more recently.
And I want to find Western alliance and take a look at a similar chart there there's the two month chart for Western alliance. It's a little bit more bumpy here, not down nearly as much since the initiation of the banking crisis, it looks like, down about 12 and 1/2%, but still seeing that bounce in particular over the past week, in which it has gained by 28%. Remember, it talked about getting a new influx of deposits earlier in the week, so that helping matters. Also, of course this week marked those hearings that we saw on Capitol Hill on the part of regulators and some of these bank CEOs that have run into trouble. So it's been an interesting one in that sense.
And then looking at banks more broadly here, the big banks, as we saw, some of the bank execs also go to Washington to talk about the debt ceiling. Looking in today's session, and I am looking for Morgan Stanley, which is right down here on the news that the company says James Gorman, its longtime CEO, is going to be stepping down within the next year. They are talking about who's going to be the successor. Today it's down about a half of 1%. Five days, it is up about 2%. And year to date, it hasn't done much of anything, Brad.
BRAD SMITH: All right, big news there out of the banking sector this morning.