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  4. Stocks tied to Archegos are roiling markets again as $2 billion of block trades drives new bout of volatility

Stocks tied to Archegos are roiling markets again as $2 billion of block trades drives new bout of volatility

Isabelle Lee   

Stocks tied to Archegos are roiling markets again as $2 billion of block trades drives new bout of volatility
  • Stocks linked to the Archegos meltdown saw a new surge of volatility on Tuesday.
  • The volatility comes after Credit Suisse put on new block trades worth around $2.3 billion.
  • The bank announced that it expects to suffer a $4.6 billion hit to its first-quarter profits.

Companies linked to the Archegos Capital Management meltdown at the end of last month were struck by a new wave of volatility on Tuesday after Credit Suisse initiated a $4 worth around $2.3 billion in an attempt to limit further losses.

Stocks including ViacomCBS, Discovery, and Tencent all whipsawed, and were down in premarket trading before recovering through the morning.

$4 was up in $4 but sank after the open. The bank announced $4 partially related to the forced liquidation of its holdings last month triggered by Archegos. It traded slightly lower as of 10:30 am ET by 0.09%.

$4 in its March 29 statement $4, although reports accurately estimated the bank's losses at $3 billion-$4 billion.

Previous block trades were initiated by Goldman Sachs and Morgan Stanley. Japanese firm $4 said it could suffer a possible loss of around $2 billion as a result of the fund's collapse.

In March, the hedge fund used borrowed money to make large bets on some stocks, until Wall Street banks forced the firm to sell over $20 billion worth of its shares after failing to meet a margin call.

The $4 caused wide-spread chaos on Wall Street and exposed the fragility of the financial system, especially in lesser-known practices such as the use of $4

Beyond financial institutions, the man behind the family office, Bill Hwang, lost a staggering $4 - one of the fastest losses of that size traders have ever seen, $4.

Here is where shares of Archegos-linked stocks stood as of 10:30 a.m. ET Tuesday:

  • $4 up 2.84% to $44.12
  • $4 up 5.41% to $31.38
  • $4 up 1.75% to %50.57
  • $4 up 4.47% to $43.50
  • $4 up 0.41 to $71.14

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