- 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: