Today's Pre-Market Stock Movers: FRC, UBER, UAL, GTLB and More
Gapping up
$First Republic Bank (FRC.US)$ +45% (First Republic shares rose amid a broader rebound in regional bank stocks. $Western Alliance Bancorp (WAL.US)$ and $KeyCorp (KEY.US)$ climbed 33% and 16%, respectively. Separately, Western Alliance rose after Wells Fargo reiterated its overweight rating on the stock, saying the risk/reward is attractive for the stock.
$Uber Technologies (UBER.US)$ +7.2%, $Lyft Inc (LYFT.US)$ +6.97%, $DoorDash (DASH.US)$ +9.29% (Shares of ride-sharing companies Uber and Lyft, and order delivery firm Doordash, rose more than 5% each after a California appeals court said the companies can continue to treat their drivers as independent contractors. That overturned a lower court decision that prevented them from doing so.)
$Honeywell (HON.US)$ +0.4% (The conglomerate announced that Vimal Kapur, president and chief operating officer, will succeed Darius Adamczyk as CEO. The transition will take place on June 1.)
$Match group (MTCH.US)$ +2% (Barclays upgraded Match Group to overweight from equal weight, saying it's transitioned to a value stock from an Internet growth stock over the past few years.)
$Southwest Airlines (LUV.US)$ +0.5% (Southwest Airlines CEO said it would increase winter staffing and equipment to avoid a repeat of mass cancelations over the holiday season.)
Gapping down
$Credit Suisse (CS.US)$ -1.6% (Credit Suisse said it had found "material weaknesses" in its financial reporting processes for 2022 and 2021.)
$United Airlines (UAL.US)$ -5.4% (A day after forecasting a first-quarter loss. United cited weaker demand growth compared with other months and higher fuel costs. It expects an adjusted quarterly loss of between 60 cents and $1 per share, more than its previous forecast of adjusted earnings of 50 cents and $1 per share.)
$Buzzfeed (BZFD.US)$ -10% (The internet media company issued a weak first-quarter revenue outlook. Buzzfeed guided for revenue of $61 to $67 million, compared to expectations of $83.6 million, according to FactSet. Otherwise, the firm beat sales expectations in its fourth quarter results, according to FactSet.)
$Gitlab (GTLB.US)$ -29% (GitLab issued a softer-than-expected outlook. It posted fiscal-year 2024 revenue guidance of $529 million to $533 million, lower than a Refinitiv forecast of $586.4 million. Otherwise, the firm reported a beat on the top and bottom lines in its fourth quarter results, per Refinitiv.)
$Cvent (CVT.US)$ -3% (The meetings and events tech firm said it would be acquired by Blackstone in a $4.6 billion transaction. $Blackstone (BX.US)$ shares rose 1.8%.)
Source: Dow Jones, CNBC
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73057226 : Great information to better your morning trades
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