FRC, WAL, UBER, LYFT and more

A passenger walks toward the pickup area of ​​an Uber rideshare vehicle at Los Angeles International Airport (LAX) on February 8, 2023 in Los Angeles, California.

Mario Tama | Good pictures

Check out the companies making headlines ahead of time:

First Republic Bank – Shares of the San Francisco-based bank plunged 61.8% on Monday and rose 45%. First Republic shares rose amid a broader rebound in regional bank stocks. Western Alliance Bancorp and KeyCorp rose 33% and 16%, respectively. Separately, Wells Fargo reiterated its overweight rating on Western Alliance stock, saying the risk/reward ratio is attractive for the stock.

Uber, Lyft, Doordash — Shares of ride-sharing companies Uber and Lyft and order delivery company Doordash each rose more than 5% after a California appeals court said the companies can keep their drivers as independent contractors. It overturned a lower court ruling barring them from doing so.

Credit Suisse – Bank shares fell about 1.6% after Credit Suisse said it found “material weaknesses” in its financial reporting processes for 2022 and 2021. Earlier Thursday morning, the stock fell 5% to a new record low.

United Airlines – The airline fell 5.4% in the premarket, a day after forecasting a first-quarter loss. United cited weaker demand growth compared to other months and higher fuel costs. It expects an adjusted quarterly loss of between 60 cents and $1 per share, up from its previous forecast for adjusted earnings of 50 cents and $1 per share.

Buzzfeed — Shares of Buzzfeed fell 10% after the internet media giant posted a weak first-quarter earnings outlook. Buzzfeed reported revenue of $61 million to $67 million, compared with expectations of $83.6 million, according to FactSet. Otherwise, the company beat sales expectations in its fourth-quarter results, according to FactSet.

See also  Dow Jones Futures Fall: Google, CRM Flash Buy Signals; Meta threads get 10 million posts

Gitlab — Shares of GitLab tumbled 29% after it released a softer-than-expected outlook. It posted fiscal 2024 revenue guidance of $529 million to $533 million, below Refinitive’s forecast of $586.4 million. Otherwise, the company reported a bump in both top and bottom lines for Refinitiv in its fourth-quarter results.

Honeywell International – Shares of Honeywell rose 0.4% after the merger declared Vimal Kapur, president and chief operating officer, will succeed Darius Adamczyk as CEO. The transition will take place on June 1.

Match Group — Shares added 2% after Barclays upgraded Match Group from equal weight to overweight, shifting from an Internet growth stock to a value stock over the past few years.

SOUTHWEST AIRLINES – Shares rose 0.5% after Southwest Airlines CEO said it will increase winter staffing and equipment to avoid repeated cancellations during the holiday season.

Cvent, Blackstone – Shares of Cvent fell more than 3% after the meetings and events technology company said It will be acquired by Blackstone in a $4.6 billion transaction. Blackstone shares rose 1.8%.

— CNBC’s Michael Fox contributed reporting

Leave a Reply

Your email address will not be published. Required fields are marked *