Tesla, First Republic, UBS, Foot Locker: Top Premarket Moves

‍Tesla

As a result of Moody's' decision to assign it a Baa3 credit rating and to remove its junk-rated credit from its portfolio, the electric vehicle maker rose 2%. This rating upgrade was credited to Tesla's prudent financial policy and management's successful track record when it comes to operating the company.

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First Republic

Investors focused on a large number of uninsured deposits at the bank, which had plunged nearly 90% this month, so as a result, the beleaguered bank surged nearly 19% in premarket trading. It was reported on Monday that the First Republic was getting advice from JPMorgan Chase regarding alternatives to the bank.

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New York Community Bancorp

In the wake of a 31.65% surge a day earlier, the bank jumped 7%. New York Community Bancorp, a subsidiary of New York Community Bancorp, announced it is assuming nearly all the deposits and some of the loan portfolios of Signature Bank, as well as all 40 of Signature Bank's former branches, according to the Federal Deposit Insurance Corporation.

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Regional banks 

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Investors digested the possibility of expanded federal insurance as regional banks rose following First Republic's gains. There was an 8.3% gain for PacWest, a 3.4% gain for Fifth Third Bancorp, and a 3.3% gain for KeyCorp.

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UBS

A day after inking a $3.2 billion deal with Credit Suisse, NYSE-listed shares of the Swiss bank gained 4%. On Monday, the stock of Credit Suisse plummeted 52.99%.

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Harley-Davidson

According to Morgan Stanley, Harley-Davidson's concentration on its core business and better-off consumers boosted the stock by 3.8%. With a price target of $50, Harley-Davidson's stock is expected to increase by 33.2% from Monday's close.

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Foot Locker

According to Citi, the company has turned its attention away from malls and Champs to focus on kids, loyalty, and digital offerings. Its shares increased by over 4% after Citi upgraded the retailer to a "buy" status from a "neutral" rating.

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Meta Platforms

Despite Morgan Stanley's upgrade of Meta, Facebook parent shares rose nearly 3% in premarket trading after they said its Reels strategy and efficiency plans could lead to about a 25% upside. After laying off 10,000 employees last week, Meta announced the upgrade.