Asset management firm Baron Capital bought Charles Schwab shares - CNBC (updated)
14/03/2023 12:38
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March 14 (Reuters) - Asset management firm Baron Capital
bought stock of Charles Schwab SCHW.N on Monday, CNBC reported
on Tuesday, aiming to buy a dip in its shares amid a meltdown in
financial stocks.
Shares of the broker jumped 13% to $58.6 in premarket
trading, recouping losses a day after falling 12% to their
lowest since November 2020.
On Monday, the Texas-based Charles Schwab reported a 28%
decline in average margin balances and a 4% fall in total client
assets for February, piling more pressure on the financial
services firm amid fears over the fallout from Silicon Valley
Bank's collapse.
Both Baron Capital and Charles Schwab did not respond
immediately to Reuters' requests for comment.
(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Krishna
Chandra Eluri)
((Mehnaz.Yasmin@thomsonreuters.com;))