Why SVB Financial Group Shares Are Getting Obliterated

SVB Financial Group SIVB shares are trading lower by 62.80% to $39.49 Friday morning on continued downward momentum after the company on Wednesday announced a $1.25 billion common stock offering.

The stock was halted during pre-market trading Friday at around 8:41am ET for code news pending. Amid the trading halt, CNBC's David Faber is now reporting the company's proposed capital raise has failed, with CNBC reporting SVB Financial is in talks to sell itself.

So What Happened With SVB This Week?

The broader banking sector is also experiencing marked weakness after SVB Financial Group announced it is seeking over $2 billion in additional funding.

SVB Financial announced plans to offer $1.25 billion of its common stock and $500 million of depositary shares registered as public offerings.

SVB also announced its completion of the plan to sell its available-for-sale securities portfolio, selling $21 billion of securities...Read More

According to data from Benzinga Pro, SIVB has a 52-week high of $144.34 and a 52-week low of $101.28.