Credit Suisse, First Republic fall premarket; Lennar rises

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Credit Suisse, First Republic fall premarket; Lennar rises
Credit: © Reuters.

By Scott Kanowsky 

Investing.com -- Stocks in focus in premarket trade on Wednesday, March 15th. Please refresh for updates.

  • Shares in U.S. regional banks dropped, paring back gains notched on Tuesday, as a sell-off in European lenders freshened concerns over a potential banking crisis sparked by last week's collapse of Silicon Valley Bank. First Republic Bank (NYSE: FRC ), Western Alliance Bancorporation (NYSE: WAL ), Comerica Inc (NYSE: CMA ), KeyCorp (NYSE: KEY ), Zions Bancorporation (NASDAQ: ZION ) and PacWest Bancorp (NASDAQ: PACW ) all fell.
  • Larger banks, including Bank of America Corp (NYSE: BAC ), Wells Fargo & Company (NYSE: WFC ) and Morgan Stanley (NYSE: MS ) also dipped into the red.
  • U.S.-listed shares in Credit Suisse (SIX: CSGN ) Group (NYSE: CS ) shed more than a fourth of their value and touched a fresh record low after its top stakeholder, Saudi National Bank, ruled out offering more assistance.
  • Apple Inc (NASDAQ: AAPL ) shares slipped after key supplier Foxconn (TW: 2354 ) said it plans to rely less on its operations in China in an earnings call.
  • Meta Platforms Inc (NASDAQ: META ) shares are lower as the Facebook owner embarks on a new round of layoffs. The dismissals are part of cost-cutting measures planned in Chief Executive Mark Zuckerberg's so-called "year of efficiency."
  • Lennar Corporation (NYSE: LEN ) rose after the homebuilder reported better-than-expected top- and bottom-line returns in its fiscal first quarter.

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