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.
Stock gainers:
First Republic Bank‘s stock FRC, +34.85% 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 PACW, +17.80% and Western Alliance Bancorp WAL, +14.04%, also saw their stocks soar.
Tesla Inc. shares TSLA, +7.60% 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 NYCB, +5.63% 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 META, +2.11% 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 USX, +298.67% skyrocketed 298% after the provider of truckload carrier services announced an agreement to be acquired by Knight-Swift Transportation Holdings Inc. KNX, +6.84%, in a deal valued at $ 808 million. Knight-Swift shares rallied 7.1%.
Nike Inc. shares NKE, +3.00% 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 HOG, +4.23% 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 FLT, +5.20% 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 BB, +4.85% 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.
Stock decliners:
First Majestic Silver Corp. shares AG, -23.05% 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 LLAP, -8.10% 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.