Stocks making the biggest moves premarket: Coinbase, AMC, Chewy, First Republic and more

March 23, 2023 by admin 0 Comments

Monitors display Coinbase signage during the company’s initial public offering (IPO) at the Nasdaq MarketSite in New York, on Wednesday, April 14, 2021.

Michael Nagle | Bloomberg | Getty Images

Check out the companies making headlines in premarket trading.

2 hours ago

First Republic, PacWest — The two regional banks traded higher coming off Wednesday’s selloff. First Republic advanced 5.6% after losing 15.5% in Wednesday’s session. PacWest added 4.7%, regaining some ground following Wednesday’s 17.1% drop.

Regions Financial — Shares of the regional bank edged 1.3% higher in premarket trading. Regions slid more than 6% on Wednesday after the Fed’s decision to increase benchmark interest rates by 25 basis points and on comments from Chair Jerome Powell that the banking system is well equipped and safe.

Chewy — Shares of the pet products e-commerce company fell more than 5% despite Chewy beating estimates on the top and bottom lines for the fourth quarter. The company reported earnings of 1 cent per share on $2.71 billion of revenue. Analysts surveyed by Refinitiv had penciled in a loss of 11 cents per share on $2.64 billion of revenue. However, the company’s active users metric was marginally lower year over year.

AMC — The movie theater giant gained 2.5%. The advance in AMC stock comes despite Citi resuming coverage of the company with a sell rating, citing an overvalued common equity. A day earlier, fellow meme stock GameStop soared.

Carvana — Carvana shares popped 4.5%, building on their 6.3% advance from the previous session. The company on Wednesday issued better-than-expected guidance for the first quarter. Carvana also plans to allow current bond holders to exchange unsecured notes at a premium price in exchange for new ones, CNBC previously reported.

Alibaba — The Chinese tech giant gained 4.3%, building on gains from a day earlier. To be sure, the stock has struggled this year, losing 5%.

Ford — Shares ticked up 1.3% in premarket trading. Ford is expected to start reporting by business unit instead of by region.

— CNBC’s Alexander Harring and Jesse Pound contributed reporting

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