Shares of Silicon Valley Bank parent SVB Financial Group tumbled before a full halt. $SIVB, exposed to high-tech venture capital, was closed by the California Department of Financial Protection and Innovation:
Sector mover:
Shares of Silicon Valley Bank parent SVB Financial Group SIVB, tumbled 66% in premarket trading before a full halt, after falling 60% on Thursday when the financial services company disclosed a $1.8 billion loss from securities sales, cut full-year guidance and announced plans for an equity offering. Reports surfaced Thursday that several funds had advised clients to pull their money from Silicon Valley Bank, triggering a run on the bank.
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