First Republic, Western Alliance, Uber, Lyft, And Other Stocks Move The Most Premarket‍

‍First Republic Bank

Stocks of the San Francisco-based bank rose by 45% on Tuesday after closing down by 61.8% on Monday. The shares of First Republic rose as a result of a wider rebound in regional bank stocks as well. There was a noticeable increase in stock prices for Western Alliance Bancorp, up 33%, and KeyCorp, up 16%. Western Alliance shares also rose after Wells Fargo reiterated that it rates the stock overweight, stating that the risk/reward for this stock is attractive.

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Uber, Lyft, Doordash

The shares of ride-sharing company Uber and Lyft, as well as the order delivery service Doordash, rose more than 5% each after a California appeals court ruled that the companies are allowed to continue to treat their drivers as independent contractors. Previously, a lower court had denied them the ability to do that, but that ruling overturned that decision.

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Credit Suisse

Credit Suisse said it found "material weaknesses" in its financial reporting processes for 2022 and 2021, resulting in a 1.6% drop in its stock price. A new all-time low was reached earlier Thursday morning when shares fell by 5%.

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United Airlines

A day after forecasting a first-quarter loss, the airline's shares fell 5.4% in premarket trading. Among the reasons, United cited for its decline were weaker demand growth than in other months and higher fuel prices. The company expects an adjusted loss per share of between 60 cents and $1 per share for the current quarter, increasing from its previous outlook of adjusted earnings per share of between 50 cents and $1 per share.

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Buzzfeed

Buzzfeed shares dropped 10% after the internet media company issued a weak revenue outlook for the first quarter of the year. According to FactSet, Buzzfeed has guided for revenues of $61 to $67 million, compared to analysts' expectations of $83.6 million. As far as the company's fourth-quarter results are concerned, FactSet reported that the company's sales exceeded expectations.

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Gitlab

After GitLab issued a softer-than-expected outlook for the company, shares of the company plunged by 29%. According to Refinitiv, the company's revenue guidance for the fiscal year 2024 is $529 million to $533 million, lower than the $586.4 million forecast by the company. Apart from that, Refinitiv reported that the company reported a beat on the top and bottom lines in its fourth-quarter results.

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Honeywell International

Shares of Honeywell rose 0.4% after the company announced that Vimal Kapur, president, and chief operating officer, will succeed Darius Adamczyk as the company's CEO. It is expected that the transition will take place on June 1 of this year.

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Match Group

Match Group's stock gained 2% after Barclays upgraded the stock to overweight from equal weight, saying it has been transitioning over the past few years from an Internet growth stock to a value stock.

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Southwest Airlines

After Southwest Airlines CEO Tom Keating announced in December that the company would increase its winter staffing and equipment in order to prevent a repeat of the mass cancellations that occurred during the holiday season, shares rose 0.5%.

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Cvent, Blackstone

Cvent shares dropped more than 3% following Blackstone's announcement that it would acquire it for $4.6 billion. Shares of Blackstone rose 1.8%.

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