Stock futures rose Tuesday and the S&P 500 closed higher for the third consecutive session on Monday on easing concerns over the global banking sector.
These stocks were poised to make moves Tuesday:
Alibaba (BABA) shares gains about 6% in premarket trading. Alibaba Group Holding Ltd. plans to split its $220 billion empire into six main units that will individually raise funds and explore initial public offerings, the biggest overhaul of China’s e-commerce leader since its inception more than two decades ago.
U.S. regional banks (First Republic Bank, PacWest Bancorp, Western Alliance Bancorp, Silvergate Capital Corp) : U.S. regional banks climbed in premarket trading Tuesday again. Silvergate Capital (SI) rose 8.1%; First Republic Bank (FRC) rose 3%; PacWest Bancorp (PACW) and Western Alliance Bancorp (WAL) rose 1%.
Lyft (LYFT) shares rose 3.9% in premarket trading after the ride-sharing company named board member David Risher as chief executive. Lyft said Monday that co-founder Logan Green, who had been serving as CEO, and co-founder John Zimmer, the current president, would be moving into non-executive roles on the board. Risher will begin in his new role on April 17. Lyft shares have decline 12.9% in 2023.
Warren Buffett's Berkshire Hathaway Inc boosted its ownership stake in Occidental Petroleum Corp (OXY) to about 23.6% after buying nearly 3.7 million additional shares. Occidental shares gained 2% in premarket trading.
PVH (PVH), the owner of the Calvin Klein and Tommy Hilfiger brands, topped fourth-quarter adjusted earnings and sales estimates. PVH stock rose 12.2% in premarket trading.
Shares of crypto exchange Coinbase Global (COIN) fell 1.7% in premarket trading. The stock tumbled 7.8% in the previous session after the Commodity Futures Trading Commission sued crypto exchange operator Binance and its co-founder and Chief Executive Changpeng Zhao.
Virgin Orbit (VORB) dropped 13.2% to about 44 cents after Dan Hart, CEO of the space launch startup, told employees via email the company would be extending unpaid furlough for majority of its workforce as talks for more funding continue, Reuters reported. Virgin Orbit initiated a " company-wide operating pause" on March 16 to preserve cash while looking for funding sources and strategic partners.
First Citizens Bancshares (FCNCA) fell 0.8% in premarket trading after soaring nearly 54% on Monday after the bank agreed to acquire large parts of Silicon Valley Bank's business two weeks after its collapse triggered panic throughout the financial sector.
Earnings are expected before Wall Street opens on Tuesday from Walgreens Boots Alliance (WBA), while Micron Technology (MU) and Lululemon Athletica (LULU) will report after stock markets close.
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