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    CSGN   CH0012138530

CREDIT SUISSE GROUP AG

(CSGN)
  Report
Delayed Quote. Delayed Swiss Exchange - 05/07 11:30:24 am
9.254 CHF   -0.52%
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Credit Suisse offers big blocks of Discovery, iQIYI shares related to Archegos: sources

04/13/2021 | 07:11pm EDT
FILE PHOTO: Logo of Swiss bank Credit Suisse is seen in Zurich

(Reuters) - Credit Suisse put large blocks of shares in media company Discovery Inc and iQIYI Inc on the market after regular trading ended on Tuesday, multiple sources said, as the bank continued unwinding positions related to last month's meltdown of Archegos Capital.

Credit Suisse has not yet finished unwinding its Archegos positions, said one source familiar with the matter. The bank has taken a $4.7 billion hit from dealings with Archegos Capital, prompting it to overhaul the leadership of its investment bank and risk divisions.

Shares in Discovery and IQIYI fell in U.S. afterhours trading after news the offers, which were pitched below the stocks' closing prices.

The bank put 19 million class A shares and 22 million class C shares of Discovery on the market as well as 35 million U.S.-listed shares of iQIYI, a China-based online entertainment company, shortly after the close according to two market sources. CNBC first reported the share offer.

The sources said the pricing range for the offer of Discovery class A shares was $38.40-$39.60 compared with a $40.38 closing price in the regular session. DISCA fell 3.7% in after hours trading.

Credit Suisse offered the Discovery C shares with a $32.35-$33.75 price range compared with its $34.78 closing price. The DISCK C shares fell more than 5% in after hours trading.

It offered the iQIYI shares $15.85-$16.35 after it closed at $16.66, sending that stock down 3.4% in after the bell trading.

A Credit Suisse representative declined to comment.

Last week the company offered big blocks of shares in ViacomCBS, Vipshop Holdings Ltd and Farfetch Ltd, also related to the Archegos unwinding.

(Reporting By Sinéad Carew, Lance Tupper and Matt Scuffham; Editing by Lincoln Feast.)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG -0.52% 9.254 Delayed Quote.-18.82%
DISCOVERY, INC. 3.61% 37.56 Delayed Quote.24.83%
IQIYI, INC. -2.62% 13.74 Delayed Quote.-21.40%
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Financials
Sales 2021 23 790 M 26 410 M 26 410 M
Net income 2021 1 022 M 1 135 M 1 135 M
Net Debt 2021 - - -
P/E ratio 2021 22,7x
Yield 2021 1,99%
Capitalization 22 830 M 25 301 M 25 344 M
Capi. / Sales 2021 0,96x
Capi. / Sales 2022 1,03x
Nbr of Employees 49 090
Free-Float 95,6%
Chart CREDIT SUISSE GROUP AG
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Technical analysis trends CREDIT SUISSE GROUP AG
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 11,54 CHF
Last Close Price 9,25 CHF
Spread / Highest target 107%
Spread / Average Target 24,6%
Spread / Lowest Target -23,6%
EPS Revisions
Managers and Directors
NameTitle
Thomas Gottstein Chief Executive Officer
David Richard Mathers Chief Financial Officer
Urs Rohner Chairman
James Walker Chief Operating Officer
Thomas Grotzer Global Head-Compliance
Sector and Competitors