First Republic’s shares experienced a sharp decline of over 49%, hitting a record low. Additionally, Alphabet’s (NASDAQ: GOOGL) board of directors approved a $70 billion share buyback, among other significant news in the business world.
On Tuesday, April 25th, the stocks of First Republic Bank plummeted by 49.38%, closing at $8.1 per share, which is the lowest price in its trading history. According to CNBC, the decline occurred after the bank’s report for the first quarter revealed that clients withdrew deposits exceeding $100 billion. The report stated that First Republic’s deposit volume decreased by more than 40%, reaching $104.5 billion by the end of the first quarter.
Alphabet, the parent company of Google, has announced on Tuesday, April 25th, that its board of directors has authorized a stock buyback worth up to $70 billion, as reported by CNBC. The company had announced its intentions to buy back shares in April of last year. In 2022, it bought back more shares than any other company except for Apple.
According to Bloomberg, Apple is reportedly planning the launch of a new health and wellness service in 2024. The service will be powered by artificial intelligence and a new emotion tracking technology. The health and wellness training service, which is internally known as Quartz, aims to motivate users to engage in physical activity, improve their eating habits, and enhance the quality of their sleep. The news was disclosed by sources familiar with the project.