Check out the companies making headlines before the bell:
First Republic Bank — The San Francisco-based bank stock jumped 45% after closing down 61.8% on Monday. First Republic shares rose amid a broader rebound in regional bank stocks. Western Alliance Bancorp and KeyCorp climbed 33% and 16%, respectively. Separately, Western Alliance rose after Wells Fargo reiterated its overweight rating on the stock, saying the risk/reward is attractive for the stock.
Uber, Lyft, Doordash — Shares of ride-sharing companies Uber and Lyft, and order delivery firm Doordash, rose more than 5% each after a California appeals court said the companies can continue to treat their drivers as independent contractors. That overturned a lower court decision that prevented them from doing so.
Credit Suisse — The bank stock fell by about 1.6% after Credit Suisse said it had found “material weaknesses” in its financial reporting processes for 2022 and 2021. Earlier Thursday morning, shares fell by 5% to hit a new all-time low.
United Airlines — The airline fell 5.4% in the premarket, a day after forecasting a first-quarter loss. United cited weaker demand growth compared with other months and higher fuel costs. It expects an adjusted quarterly loss of between 60 cents and $1 per share, more than its previous forecast of adjusted earnings of 50 cents and $1 per share.
Buzzfeed — Buzzfeed shares dropped 10% after the internet media company issued a weak first-quarter revenue outlook. Buzzfeed guided for revenue of $61 to $67 million, compared to expectations of $83.6 million, according to FactSet. Otherwise, the firm beat sales expectations in its fourth quarter results, according to FactSet.
Gitlab — Shares plunged 29% after GitLab issued a softer-than-expected outlook. It posted fiscal-year 2024 revenue guidance of $529 million to $533 million, lower than a Refinitiv forecast of $586.4 million. Otherwise, the firm reported a beat on the top and bottom lines in its fourth quarter results, per Refinitiv.
Honeywell International — Honeywell shares rose 0.4% after the conglomerate announced that Vimal Kapur, president and chief operating officer, will succeed Darius Adamczyk as CEO. The transition will take place on June 1.
Match Group — Shares added 2% after Barclays upgraded Match Group to overweight from equal weight, saying it’s transitioned to a value stock from an Internet growth stock over the past few years.
Southwest Airlines — Shares rose 0.5% after Southwest Airlines CEO said it would increase winter staffing and equipment to avoid a repeat of mass cancelations over the holiday season.
Cvent, Blackstone — Cvent shares dropped more than 3% after the meetings and events tech firm said it would be acquired by Blackstone in a $4.6 billion transaction. Blackstone shares rose 1.8%.
— CNBC’s Michelle Fox contributed reporting
Source: Finance - cnbc.com
