A view of the First Republic Bank logo at the Park Avenue location, in New York City, March 10, 2023.
David Dee Delgado | Reuters
Check out the companies making headlines before the bell:
First Republic Bank, JPMorgan Chase — First Republic shares were halted during premarket trading after falling more than 45%. The move comes after JPMorgan took control of First Republic after the beleaguered bank was taken over by regulators. JPMorgan Chase added 3.6% in the premarket.
related investing news
SPDR S&P Regional Banking ETF — The regional banking fund fell 0.4% in premarket trading as investors reacted to the failure of First Republic. That bank had a weighting of less than 0.15% in the fund as of Friday. Among other regional banks, PacWest was one of the biggest decliners, falling more than 5%.
Norwegian Cruise Line — The cruise line stock jumped 3% after Norwegian Cruise Line Holdings beat first-quarter expectations on the top and bottom lines. The firm reported an adjusted per-share loss of 30 cents, narrower than the anticipated 41 cent loss, according to consensus estimates from Refinitiv. It posted revenue of $1.82 billion, greater than the expected $1.75 billion.
General Motors — The auto giant saw its stock climb nearly 3% in premarket after Morgan Stanley upgraded GM to overweight from equal weight. The Wall Street firm’s analyst Adam Jonas said GM’s stock is oversold. The stock is down 2% year to date despite recent strong earnings.
Exxon Mobil — Shares slid 1.5% after Goldman Sachs downgraded the oil giant to neutral from buy, saying its multiyear run could be cooling. On Friday, the stock rose 1.3% after the company said it saw record first-quarter profit.
SoFi Technologies — SoFi Technologies jumped 6% after the company’s quarterly results topped expectations. The student loan refinancing firm reported a loss of 5 cents per share on revenue of $460.16 million. Analysts polled by Refinitiv expected a loss per share of 7 cents on revenue of $441 million.
ON Semiconductor — The semiconductor stock rose 1.2% ahead of the firm’s first quarter earnings reportlater Monday. Analysts polled by Refinitiv expect a profit of $1.09 per share on revenue of $1.93 billion.
— CNBC’s Alex Harring, Yun Li and Jesse Pound contributed reporting.
