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Motley Fool: Why Silvergate Capital Finished Lower on Wednesday

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What Happened

Silvergate Capital (SI -1.56%) had a volatile day on Wednesday as its share price dropped 5% in early trading to $57.75, only to roar back to $61.65 at around 11:14 a.m. ET. It sank a bit from there and ended the day down 1.19% at $59.56.

Silvergate, a leading bank for the cryptocurrency industry, got hit by the latest Consumer Price Index (CPI) report on inflation and an analyst downgrade.

Now what

Silvergate will be reporting second-quarter earnings on July 19, so that is a date for investors to circle on their calendars (Corporate Event Data provided by Wall Street Horizon.) Banks are among the first to report earnings each quarter and their performance is often a bellwether for other companies.