To The Moon

U.S. stock index futures were mixed on Thursday as the Swiss central bank's lifeline for embattled Credit Suisse did little to boost investor sentiment as they awaited economic data for clues on the outlook for U.S. interest rates.

Market Snapshot

At 8:25 a.m. ET, Dow e-minis were down 31 points, or 0.1%, S&P 500 e-minis were flat, and Nasdaq 100 e-minis were up 38.25 points, or 0.31%.

Pre-Market Movers

Credit Suisse— U.S.-listed shares of Credit Suisse gained nearly 6% after the Swiss bank said it will borrow up to 50 billion Swiss francs($54 billion) from the Swiss National Bank. The stock tumbled 13.9% on Wednesday after its largest investors said it couldn’t provide any more funding.

Snap,Meta— Snap rallied 6%, while Meta rose 1.5% following aWall Street Journal reportthat the Biden administration said competitorTikTok could be bannedunless it is sold by its Chinese owner, ByteDance. A separate report by Bloomberg said TikTok is considering splitting from ByteDance if a deal with the U.S. fails.

Regional banks — Regional banks continued their slide amid the fallout of Silicon Valley Bank’s failure.

First Republic Banktumbled nearly 28%, andZions Bancorporationlost 3.6%.Comericashed 1.6%.

Dollar General— The discount retailer sank 1.6% after itsquarterly same-store sales missed Wall Street’s estimates. Same-store sales rose 5.7% in the fourth quarter, versus the 6% expected by analysts polled by Refinitiv.

Adobe— Shares of the software giant rose 5.4% after the companylifted its profit forecast for fiscal 2023and announced its quarterly results beat Wall Street estimates. It increased income and net new recurring revenue projections for its digital media business for the full year.

Occidental Petroleum— Shares rose nearly 1% after Warren Buffett’s Berkshire Hathaway bought another 7.9 million shares, totaling $466.7 million.

UiPath— The automation software company surged nearly 16% after reporting fourth-quarter adjusted earnings per share of 15 cents, beating the StreetAccount estimate of 6 cents per share. Revenue came in at $308.5 million, well above the $278.6 million expect.

Baidu— U.S. listed shares of Baidu sank nearly 6% after the Chinese tech companyunveiled its ChatGPT alternative, Ernie bot.

PagerDuty— Shares rallied nearly 6% after the digital operations management platform’s earnings and revenue topped estimates for the fourth quarter. Adjusted earnings per share came in at 8 cents per share, versus the 2 cents expected, per Refinitiv. Revenue was $101 million, topping the $98.8 million expected.

Five Below— The discount retailer shed more than 3% after it gave a muted outlook for the first quarter. However, Five Below’s revenue beat analysts’ estimates, per Refinitiv, and earnings were in-line with expectations.

Motorola— The telecommunications equipment company gained 1.8% following anupgrade by JPMorganto overweight from neutral. The Wall Street firm said the stock has fallen to levels that are attractive.

Market News

Credit Suisse To Borrow Up To $54 Bln As It Seeks To Calm Investor Fears

$Credit Suisse (CS)$ on Thursday said it was taking "decisive action" to strengthen its liquidity by borrowing up to $54 billion from the Swiss central bank after a slump in its shares intensified fears about a broader bank deposit crisis.

The Swiss bank's problems have shifted the focus for investors and regulators from the United States to Europe, where Credit Suisse led a selloff in bank shares after its largest investor said it could not provide more financial assistance because of regulatory constraints.

Virgin Orbit Shares Pummeled after Pausing Operations and Reportedly Furloughs Staff

Virgin Orbit, the Richard Branson-founded satellite launch firm has paused operations and furloughed staff while it attempts to secure more funding, according to a report.

The changes were announced at an all-hands meeting with employees on Wednesday, Bloomberg reported, citing a source. Nearly all Virgin Orbit staff were furloughed for the week, with limited staff remaining.

Baidu Dives After Pre-Recorded Demo of AI Chatbot Disappoints

Baidu Inc. debuted China’s answer to ChatGPT in a pre-recorded video, disappointing those hoping for a stronger, real-life demo of the country’s highest-profile entry in a race with the US to dominate the transformative technology.

Billionaire founder Robin Li took to a Beijing stage to introduce his company’s “Ernie Bot,” a landmark moment for a search leader that’sstruggledin recent years to revitalize growth. But instead of putting the service through its paces in real time, he talked over a scripted video of interactions with the AI. Baidu’s shares fell as much as 10% in afternoon trading in Hong Kong, wiping out more than $4 billion of its value.

Berkshire Hathaway Buys More Occidental Shares, Stake Rises To 23.1%

Warren Buffett's Berkshire Hathaway Inc purchased more Occidental Petroleum Corp shares, increasing its stake in the oil company to about 23.1%, a regulatory filing showed on Wednesday.

Berkshire paid about $466.68 million for 7.9 million Occidental shares between March 13 and March 15, according to the filing.