Biden Spoke With Newsom on SVB Situation, White House Says

President Joe Biden and Calif. Gov. Gavin Newsom “spoke about Silicon Valley Bank and efforts to address the situation,” the White House says in a readout of the call.

• White House statement doesn’t further detail those efforts to address
• Pair also discussed winter weather emergency in the state

NOTE

• SVB Financial Group fell 22.5% in postmarket trading to $82.23 as of 7:25 p.m. New York time before trading was halted
  • The average 12-month price target of $242.21 is 194.6% above the current price
  • 12 holds, 5 buys, 2 sells

To contact the reporter on this story:
Derek Wallbank in Singapore ...