First Republic shares pop, Tesla’s stock boosted by credit rating upgrade, while First Majestic shares slide as Nevada mine activities halted
Here are some of the biggest movers on Tuesday, as the Federal Reserve begins deliberations on a key interest rate decision with the banking system wobbling.
First Republic Bank‘s stock
rocketed 45% in afternoon trading after surrendering 47% on Monday. CNBC reported the bank has hired JPMorgan as an adviser, as executives from the top banks convene in Washington D.C. on Tuesday. Other regional banks, including PacWest Bancorp
and Western Alliance Bancorp
also saw their stocks soar.
Tesla Inc. shares
shot up 7.0% after Moody’s Investors Services lifted the electric vehicle maker’s credit rating out of “junk” territory to Baa3, the first investment-grade rating.
New York Community Bancorp Inc.‘s stock
added 6.5%, after surging 32% on Monday. The bank was upgraded to buy at DA Davidson on its deal to acquire part of Signature in a deal that’s expected to lift earnings per share by 20% in 2024.
Meta Platforms Inc. shares
shares rose 1.7% to $203,10, as the Facebook parent was upgraded to overweight from equal-weight at Morgan Stanley, with a $250 price target. “We are positive on META’s structural pivot toward increased efficiency and (importantly) improving revenue, engagement and Reels trends,” said the broker.
U.S. Xpress Enterprises Inc.’s stock
skyrocketed 298% after the provider of truckload carrier services announced an agreement to be acquired by Knight-Swift Transportation Holdings Inc.
in a deal valued at $808 million. Knight-Swift shares rallied 7.1%.
Nike Inc. shares
rose 2.2%, ahead of the athletic apparel maker’s quarterly results due out after the close. And shares of GameStop Corp., which is also reporting results after the close, jumped 5.8%.
Harley-Davidson Inc.’s stock
hiked up 4.7% after Morgan Stanley raised its rating to overweight from equal weight, citing valuation and confidence in management.
FleetCor Technologies Inc. shares
tacked on 4.3% after Raymond James turned bullish, as the involvement of an activist investor has skewed the risk-versus-reward profile favorably.
BlackBerry Ltd. shares
got a 4.3% boost after the security software company said it agreed to sell about 32,000 patents and patent applications to Malikie Innovations Ltd. for up to $900 million.
First Majestic Silver Corp. shares
tumbled 24% as the company suspended mining activities at Jerritt Canyon in Nevada, which accounted for more than a fifth of its revenue last year.
Terran Orbital Corp.’s stock
dropped 9.8%, to reverse an earlier gain, after the satellite products maker reported fourth-quarter losses that narrowed from a year ago but were wider than expected, even as revenue tripled to beat expectations.
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