Why Credit Suisse Stock Is Plunging Toward All-Time Low In Thursday's Premarket

Credit Suisse AG CS shares have been languishing in the low-single-digit range since the start of the year. Selling could accelerate on Thursday, with the stock retreating in premarket trading.

What Happened: The beleaguered Swiss investment bank announced that it will delay the publication of its 2022 Annual Report following a late call on Wednesday evening from the U.S. Securities Exchange Commission.

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The SEC communicated certain open comments about the technical assessment of previously disclosed revisions to consolidated cash flow statements for the years ended Dec. 31, 2019, and 2020.

The company said it considered it prudent to briefly delay the annual report to understand the comments received. It also clarified that the 2022 financial results released on Feb. 9, 2023, weren’t impacted.

The financial services giant has been going through troubled times recently amid client withdrawal of funds and a spike in its credit default swaps. The company reported its second consecutive year of annual losses in 2022 and looks ahead to report a loss for the current year.

Price Action: In premarket trading on Thursday, the stock was plunging 5.52% to $2.74, according to Benzinga Pro data. The stock hit a historic low of $2.51 on March 2.