By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, March 22nd. Please refresh for updates.
First Republic Bank (NYSE: FRC ) stock fell 5.3% ahead of the Fed rate decision even as negotiators in Washington and on Wall Street discuss potential government support to stabilize the beleaguered regional lender.
Nike (NYSE: NKE ) stock fell 1.3% after the athletic footwear manufacturer warned of margin pressures as it continues to get rid of excess inventory through heavy discounts, even as it raised its full-year revenue outlook.
GameStop (NYSE: GME ) stock soared close to 50% after the video game retailer posted a surprise profit for the fourth quarter, its first since early 2021, helped by lower costs and job cuts.
UBS (NYSE: UBS ) stock fell 2.3% after the Financial Times reported that the Swiss lender is attempting to unwind a deal that would have seen Wall Street dealmaker Michael Klein take control over much of the investment banking division of the newly acquired Credit Suisse (SIX: CSGN ).
Luminar Technologies (NASDAQ: LAZR ) stock fell 10% after Goldman Sachs downgraded its stance on the lidar developer to ‘sell’ from ‘neutral’, seeing downside to the company’s margin outlook.
Alphabet (NASDAQ: GOOGL ) stock fell 1.5% after its Google unit started to roll out Bard, the AI function that is its response to Microsoft-backed ChatGPT.
Virgin Orbit (NASDAQ: VORB ) stock soared over 70% after the cash-strapped company confirmed plans to restart operations this week to work on rocket upgrades.
- Boeing (NYSE: BA ) stock fell 1.4% after the plane maker's finance chief said the company will take additional charges to the KC-46 tanker program due to a supplier quality issue with the center fuel tank.
- Stellantis (NYSE: STLA ) stock rose 0.9% after the carmaker said it would invest around $140 million in its German assembly plant to produce a new battery electric vehicle there from the second half of next year.
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