Credit Suisse, Adobe, PagerDuty and Snap rise premarket; First Republic falls
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Thursday, March 16th. Please refresh for updates.
Adobe (NASDAQ: ADBE ) stock rose 5.5% after the software company lifted its annual guidance after reporting better-than-expected fiscal first quarter results , driven by growth in its core digital media business.
Credit Suisse (SIX: CSGN ) (NYSE: CS ) stock rose 5.6% after the troubled lender received a SWF 50 billion support line from the Swiss National Bank (TADAWUL: 1180 ), with the central bank adding that the Zurich-based bank met all the standards for liquidity and capital that apply to systemically crucial banks.
First Republic (NYSE: FRC ) stock fell 26.1%, PacWest Bancorp (NASDAQ: PACW ) stock fell 15.8%, and Zions Bancorporation (NASDAQ: ZION ) stock fell 3.3%, as worries continue to beset the smaller regional U.S. banks.
Virgin Orbit (NASDAQ: VORB ) stock fell 38.6% after the satellite launch company was forced to pause operations as it searched for potential funding after a cash crunch.
Snap (NYSE: SNAP ) stock rose 5.8% and Meta Platforms (NASDAQ: META ) stock rose 1.39% on reports the Biden administration has demanded that TikTok's Chinese owners divest their stakes in the popular video app or face a possible U.S. ban.
Dollar General (NYSE: DG ) stock fell 1.6% after the discount store chain missed market estimates for quarterly same-store sales as customers curtailed discretionary spending amid stubbornly high inflation .
Five Below (NASDAQ: FIVE ) stock fell 3.1% after the discount retailer’s first quarter guidance came in short of expectations, outweighing healthy numbers during the fourth quarter.
PagerDuty (NYSE: PD ) stock rose 7.3% after the cloud computing company beat earnings and revenue expectations in its most recent quarter, helped by strong customer growth across the board.
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