(3/27) Monday's Pre-Market Stock Movers & News

bigbear0083 · Mar 27, 2023

(3/27) Monday's Pre-Market Stock Movers & News

Good Morning StonkForums! Happy Monday!

Dow futures rise more than 200 points as Wall Street tries to build on last week’s gains: Live updates

Stock futures rose slightly Monday, putting Wall Street on track to build on last week’s gains.

Futures tied to the Dow Jones Industrial Average gained 215 points, or 0.7%. S&P 500 futures were up 0.7%, while Nasdaq-100 futures advanced 0.4%.

Regional banks rose broadly, with the SPDR S&P Regional Banking ETF (KRE) climbing more than 3.8% in the premarket. First Republic was the best-performing stock in the fund, surging more than 28.9%. PacWest also gained more than 11%.

The moves come after Wall Street capped off a winning week despite volatility related to the Federal Reserve’s latest interest rate hike and the ongoing bank crisis. The Nasdaq Composite led the major indexes upward with a 1.7% advance. The S&P 500 finished the week up 1.4%, while the Dow added 1.2%.

The central bank announced a quarter percentage point interest rate hike — which was largely in line with Wall Street expectations — while hinting that an end to interest rate increases could be on the horizon.

“All told, this was about as dovish a rate increase as you can get. On the whole, that seemed to leave markets feeling if not good, then at least not bad,” said Brad McMillan, chief investment officer for Commonwealth Financial Network. “Although markets were okay with the Fed, it was the second thing — the ongoing turmoil in the banking system — that mattered even more.”

The health of the U.S. banking system also weighed on investors over the course of the week, with a particular focus on First Republic, PacWest and other regional financial institutions. CNBC reported over the weekend that the deposit outflow from small banks to industry giants like JPMorgan Chase and Wells Fargo has slowed in recent days.

Meanwhile, Bloomberg reported that U.S. authorities were considering expanding an emergency lending program for banks, which could give First Republic more time to shore up its liquidity. First Republic ended last week down 46.3% as investors contemplated if the plan from a group of banks to deposit $30 billion would be enough to bolster its balance sheet.

First Citizens Bank also agreed to buy large parts of Silicon Valley Bank, the U.S. Federal Deposit Insurance Corporation said overnight. The deal includes the purchase of approximately $72 billion of SVB assets at a discount of $16.5 billion, but around $90 billion in securities and other assets will remain “in receivership for disposition by the FDIC.”

Fed Chair Jerome Powell and Treasury Secretary Janet Yellen aimed to assure investors that the U.S. banking system remained stable and supported in commentary delivered over the course of the week.
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STOCK FUTURES NOW:

LAST WEEK'S MARKET HEAT MAP:

LAST WEEK'S S&P SECTORS:

TODAY'S ECONOMIC CALENDAR:

THIS WEEK'S ECONOMIC CALENDAR:

THIS WEEK'S IPO'S:

MOST ACTIVE TRENDING DISCUSSIONS (STOCK SYMBOLS ARE CLICKABLE!):

FRC

XRP.X

BNTX

FCNCA

UNG

IOVA

KOLD

CVS

BCRX

FSR

THIS WEEK'S EARNINGS CALENDAR:
($CCL $BNTX $LULU $MU $IZEA $SKLZ $WBA $HTHT $FUTU $LOVE $RH $PAYX $IHS $GOEV $CALM $PLAY $RUM $CTAS $CNM $MKC $BB $EVGO $VERO $AUGX $RGF $GMDA $SNX $RAIL $AEHR $PVH $SRT $UGRO $AADI $PRGS $DNMR $NEOG $CONN $IMBI $SOL $LOV $GROY $EE $ABOS $CNXC $UNF $AMPS $JEF $ESLT $CURI $DARE)

THIS MORNING'S PRE-MARKET EARNINGS RELEASES:
($CCL $BNTX $HTHT $AUGX $VERO $GMDA $RGF $ABOS)

BEFORE TODAY'S MARKET OPEN:

AFTER TODAY'S MARKET CLOSE:

FRIDAY'S ANALYST UPGRADES/DOWNGRADES:

FRIDAY'S INSIDER TRADING FILINGS:

TODAY'S DIVIDEND CALENDAR:

THIS MORNING'S PRE-MARKET STOCK NEWS MOVERS:

source: cnbc.com

Pinterest — Pinterest gained 4.3% after UBS upgraded the social media stock to buy and said shares could pop more than 25% as the company improves its advertising strategy.

First Citizens BancShares — Shares popped 40% on news that First Citizens will buy around $72 billion of Silicon Valley Bank assets at a discount of $16.5 billion.

First Republic, PacWest — Regional bank stocks were moving higher on Monday following a report from Bloomberg News that U.S. authorities were considering expanding government support for banks to provide additional liquidity. Shares of First Republic jumped 23% in premarket trading, while PacWest Bancorp rose about 9%, and Western Alliance gained 5%.

Caterpillar — Shares dropped 1.2% after Baird downgraded the machinery company to underperform, citing potential headwinds driven by a “meaningful slowdown” in new small- and medium-sized nonresidential projects in 2024 due to ongoing turmoil with regional bank lenders.

KeyCorp — KeyCorp gained 6.8% after Citi upgraded the stock to buy from neutral. Citi analyst Keith Horowitz gave KeyCorp a price target of $20, suggesting the stock stands to gain 68.6% since Friday’s close.

Dish Network — The satellite company’s shares fell 2.5% after a class-action lawsuit was announced against the company by Dish investors who purchased the stock between Feb. 22, 2023 and Feb. 27, 2023. The lawsuit alleges that Dish overstated its efficiency and infrastructure capabilities as it experienced a widespread network outage due to a cybersecurity breach last month. Shares are down almost 38% year to date.

Ollie’s Bargain Outlet Holdings — The stock shed 3.5% after Citi downgraded the retailer to sell from neutral, saying it has a “difficult model to scale” and has seen weaker productivity with its new stores in the past several years.

Corning — Shares advanced 2.3% after Deutsche Bank upgraded Corning to buy from hold. Analyst Matthew Niknam said the tech firm specializing in glass and ceramics is “turning a corner” on revenues and earnings per share.

Have a happy trading day to everyone in here on this Monday!

(3/27) Monday's Pre-Market Stock Movers & News

bigbear0083 Administrator
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(3/27) Monday's Pre-Market Stock Movers & News

bigbear0083 Administrator Staff Member

bigbear0083 Administrator
Staff Member