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Today's Pre-Market Stock Movers: TSLA, META, FRC, UBS and More

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Movers and Shakers wrote a column · Mar 21, 2023 07:59
Gapping up
$Tesla(TSLA.US)$ +2% (Moody's assigned it a Baa3 rating and removed its junk-rated credit. Moody's said the upgrade reflects Tesla's prudent financial policy and management's operational track record.)
$First Republic Bank(FRC.US)$ +19% (Investors focused on its large amount of uninsured deposits. On Monday, CNBC's David Faber reported JPMorgan Chase is giving advice on alternatives for First Republic.)
$New York Community Bancorp(NYCB.US)$ +7% (The Federal Deposit Insurance Corporation has said New York Community Bancorp's subsidiary, Flagstar Bank, will assume nearly all of Signature Bank’s deposits and some of its loan portfolios, as well as all 40 of its former branches.)
$PacWest Bancorp(PACW.US)$ +8.3%, $Fifth Third Bancorp(FITB.US)$ +3.5%, $KeyCorp(KEY.US)$ +3.3% (Regional banks — Regional banks were also higher on the heels of First Republic's rise and as investors continued to digest the likelihood of expanded federal insurance.)
$UBS Group(UBS.US)$ +4% (The company announced its agreement to buy Credit Suisse for $3.2 billion. Credit Suisse was essentially flat in the premarket, after plummeting 52.99% on Monday.)
$Harley-Davidson(HOG.US)$ +3.8% (Morgan Stanley upgraded the stock to overweight from equal weight, citing Harley’s focus on the core business and a better-off consumer. The firm’s price target of $50 implies a 33.2% upside from Monday’s close.)
$Foot Locker(FL.US)$ +4% (Citi upgraded the retailer to “buy” from “neutral.” Citi said the company is moving in the right direction, turning attention away from malls and the Champs brand and instead focusing on offerings related to kids, loyalty and digital.)
$Meta Platforms(META.US)$ +3% (Morgan Stanley upgraded Meta and said it has about 25% potential upside thanks to its Reels strategy and efficiency plans. The upgrade comes a week after Meta announced plans to layoff another 10,000 employees.)
Source: Dow Jones, CNBC
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