$Credit Suisse Group AG(CS)$

First Republic Bank sinks on possible sale reports, and Credit Suisse’s stock boosted by central bank borrowing

These were some of the biggest movers and shakers in premarket Thursday trading:

Stock gainers:

• American depositary receipts of Swiss bankCredit SuisseCSwere boosted 8% premarket on Thursday after the beleaguered bank saidit would take a 50 billion francs ($54 billion)loan from the Swiss central bank and buy back debt.
• Snapchat’s parent companySnapSNAProse over 6% premarket following a Wall Street Journal report thatBiden administration has demanded Chinese tech firm ByteDanceto sell its U.S. arm of TikTok or face a potential ban in the U.S.Meta Platforms’METAstock also rose 2% premarket on the news.
• Shares in software companyAdobeADBEedged up almost 6% after reporting fiscal first-quarter earnings that topped Wall Street estimates andboosted its fiscal-year outlook.
• BlockSQshares rose 2% to $75.69 after Mizuho upgraded Jack Dorsey’s technology conglomerate to Buy from Neutral and raised the price target to $93 from $80.

Stock decliners:

• Virgin Orbit‘sVORBstock sank 40% in premarket trading afterit announced it would be halting its operationseffective today, according toCNBC. The space-launch developer said it was pausing operations for a week and furloughing most staff as it searches for funding.

• First Republic Bank’sFRCstock fell almost 19% premarket on Thursday morning. The stock sank 21% on Wednesday after two ratings firms cut its credit rating to junk. Late Wednesday,a Bloomberg reportsaid the embattled bank was exploring its strategic options, including a possible sale. Other regional banks that have taken a hit includePacWest BancorpPACW,which declined more than 12% during Thursday premarket trading.
• Proterra’sPTRAstock decreased over 16% after the electric vehicle technology maker saidit may not have enough liquidity at the end of the fiscal first quarter.
• Esperion TherpeuticsESPRplummeted 57% in premarket trading after disclosing a spat between Daiichi Sankyo EuropeDSNKY.The company said “it would be entitled to receive $300 million in partner milestone payments” for its two cholesterol-lowering drugs , the report filed with the SEC claims.
• American depositary receipts of China’sBaiduBIDUfell almost 6% premarketafter disappointing investors with its answer to Chat GPT. 

source:marketwatch