Why Nu Holdings Topped the Market on Monday
The stock of next-generation bank and financial services company Nu Holdings (NYSE: NU) got some new momentum on Monday. It did so by distancing itself as much as possible from the current U.S. banking failure; as a result, its share price got a 0.7% boost on the day, favorably contrasting with the slight (0.2%) slide of the S&P 500 index.
In a very brief regulatory document filed with the Securities and Exchange Commission (SEC) on Saturday, Nu Holdings wrote that it "hereby informs its shareholders and the market that neither the company nor any of its subsidiaries have any exposure to Silicon Valley Bank."
Silicon Valley Bank, the core business of SVB Financial, is of course the latest high-profile banking sector meltdown. The bank collapsed last week, and its operations were effectively taken over by the Federal Deposit Insurance Corporation (FDIC), the government agency charged with protectiing bank depositors.
Source Fool.com
