Today's Pre-Market Stock Movers: CS, FRC, BAC, S and More

Movers and Shakers wrote a column · Mar 15, 2023 07:55

Gapping up

$First Republic Bank(FRC.US)$ +12.2% in premarket trading after soaring nearly 27% on Tuesday, while $Western Alliance Bancorp(WAL.US)$ was up 7.1% after gaining 14.4% in the previous session as shares of regional banks rebounded following sharp losses after the collapses of $SVB Financial(SIVB.US)$ , $Signature Bank(SBNY.US)$ , and $Silvergate Capital(SI.US)$.

$SentinelOne(S.US)$ +4.8% (The Cybersecurity company expects fiscal first-quarter revenue of $137 million, higher than year-earlier revenue of $78.3 million.)

$Lennar Corp(LEN.US)$ +1% (Lennar beat estimates on the top and bottom lines for its fiscal first quarter. Lennar reported $2.06 in earnings per share on $6.49 billion of revenue. Analysts surveyed by Refinitiv expected $1.55 in earnings per share on $5.93 billion of revenue. Home deliveries increase 9% year over year, but gross margin and new orders decreased.)

Gapping down

$Credit Suisse(CS.US)$ -29.5% (The firm's biggest backer, Saudi National Bank, said it won't provide it with further financial help. Credit Suisse and several other European banks, including Societe Generale, Italy's Monte dei Paschi and UniCredit, were halted from trading as prices plummeted.)

$Bank of America(BAC.US)$ -4%, $Morgan Stanley(MS.US)$ -4.4%, $Wells Fargo & Co(WFC.US)$ -4.78% (The Credit Suisse tumble sent ripples across the global banking sector.)

$PacWest Bancorp(PACW.US)$ -1.4%, $Comerica(CMA.US)$ -4.2%, $KeyCorp(KEY.US)$ -5.5% (Several regional banks led Wednesday's fall after rallying on Tuesday.)

$Royal Caribbean(RCL.US)$ -2.8%. (The company recently refunded guests after mistakenly offering a non-existent 'Premier Pass' on its website. The company also announced it would be expanding its sales team. Rival cruise operators were also down.)

$Lennar Corp(LEN.US)$ -0.37% (The company reported fiscal first-quarter earnings and revenue that beat analysts' expectations. Lennar had new orders of 14,194 homes, down 10% from the same quarter a year earlier, but well ahead of the 12,634 expected by analysts. "In December, interest rates and sticker shock continued to constrain sales activity, while in January and early February, lower interest rates energized sales," said Stuart Miller, Lennar executive chairman. "In late February, a spike in interest rates impacted website and community traffic and had a slight impact on sales.")

Source: Dow Jones, CNBC

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