Bank of the First Republic
Shares of the San Francisco-based bank advanced 46% after closing up 61.9% on Monday. First Republic shares rose amid broader gains in shares of regional banks. Western Alliance Bancorp and KeyCorp advanced 34% and 17%. Elsewhere, Western Alliance rose after Wells Fargo reiterated its bullish reading on shares, saying risk is attractive for stocks.
Uber and Lyft
Shares of ride-hailing companies Uber and Lyft and ride-hailing company Doordash rose 5.2% after a California court said the companies can continue to hire their drivers as independent contractors. This overturned a lower court ruling that had prohibited them from doing so.
swiss credit
The bank’s shares fell about 1.65% after Credit Suisse said it found material flaws in its financial reporting processes for the 2022 and 2021 periods.
united airlines
Shares of the travel company fell 5.5% pre-market after forecasting a first-quarter loss. United reported weaker demand growth than in previous months and high fuel prices.
buzz
Buzzfeed shares fell 10% after the internet media company posted weak first-quarter results.
gitlab
The shares fell back 29.3% after GitLab issued a softer-than-expected outlook. Otherwise, the company reported a hit on the top and bottom lines in its fourth-quarter statistics.
cvent
Cvent shares fell more than 3% after the meetings and events technology company announced that Blackstone would acquire it for $4.62 billion.
European markets extend their gains
European stocks rose as traders learned of the fallout from the Silicon Valley Bank collapse and reacted to US inflation statistics.
The pan-European Stoxx 600 index was up 1.23% at 1:00 p.m. In London, all sectors are green. Germany’s DAX index returned 1.7% after a 3.4% drop on Monday.
The banking sector advanced 2% after its worst day in a year, while the industrial sector advanced 2.4%.
According to Dow Jones, the US Consumer Price Index rose 0.42% monthly and 6% annually in February. The indicators are slightly below the January inflation rate of 0.4% and 6.3%, respectively.
