These Stocks Are Moving the Most Today: First Republic, Credit Suisse, Proterra, Adobe, UiPath, Signet, and More

Dow Jones2023-03-17

Stocks traded sharply higher Thursday after a consortium of banks pumped capital into beleagued First Republic Bank. Meanwhile, Swiss banking giant Credit Suisse said it would use an option to borrow as much as 50 billion Swiss francs ($54 billion) from the country’s central bank.

The European Central Bank raised interest rates by half of a percentage point despite the volatility in the banking sector.

These stocks moved Thursday:

First Republic Bank (ticker: FRC) rose 10% Thursday. A group of 11 banks including Bank of America (BAC), Citigroup (C), and JPMorgan Chase (JPM) have agreed to make $30 billion in deposits in the California-based bank.

American depositary receipts of Credit Suisse (CS) ended the day flat after tumbling nearly 14% on Wednesday after the bank’s largest shareholder, the Saudi National Bank, said it wouldn’t be investing any more money in the lender. The news sent global bank shares spinning lower. It was up about 5% earlier Thursday.

Proterra (PTRA), the electric bus and battery maker, sank 54% after warning it doubts it can survive in its current form.

Snap , the parent of Snapchat, and Meta Platforms (META), which owns Facebook and Instagram, rose 7.4% and 3.6%, respectively, after The Wall Street Journal reported the Biden administration has demanded Chinese tech company ByteDance sell the U.S. arm of popular short video service TikTok or face a potential ban.

Software company Adobe (ADBE) reported fiscal first-quarter earnings that topped its own guidance, as well as Wall Street estimates. The company also boosted its fiscal-year outlook. The stock rose 5.9%.

UiPath (PATH) jumped 18% after fourth-quarter results topped expectations and the company issued revenue outlooks for the fiscal first quarter and year that also beat Wall Street estimates.

Virgin Orbit (VORB) fell 30% after saying it would be halting its operations, effective Thursday. The company, which is company seeking to launch satellites as a commercial service, expects to provide an update on its operational pause in the coming weeks, a company spokesperson told Dow Jones Newswires.

PagerDuty (PD), the incident management software provider, reported record quarterly revenue of $101 million in the fiscal fourth quarter and the stock rose 15%.

Block (SQ) was upgraded to Buy from Neutral at Mizuho, and the price target was raised to $93 from $80. Shares rose 1.4% to $75.09.

Signet Jewelers rose 11% after fourth-quarter adjusted earnings at the owner of the Zales and Jared jewelry chains beat analysts’ forecasts.

Dollar General (DG) fell 3% after the discount retailer reported fourth-quarter earnings of $2.96 vs. $2.57 a year earlier but issued a disappointing profit outlook for the year.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Leave a comment
3