FedEx, Nvidia and Bumble rise premarket; First Republic, Credit Suisse fall

March 17, 2023 8:13 AM EDT

By Peter Nurse -- Stocks in focus in premarket trade on Friday, March 17th. Please refresh for updates.

  • First Republic Bank (NYSE: FRC) stock fell 13% with the regional bank continuing to struggle even after a group of major banks deposited $30 billion in a vote of confidence.

  • FedEx (NYSE: FDX) stock soared 11% after the delivery giant lifted its guidance after reporting third-quarter earnings that markedly beat expectations as its ongoing efforts to cut costs helped offset ongoing demand weakness.

  • Merck (NYSE: MRK) stock fell 0.7% after the pharmaceutical company revealed disappointing trial results from one of its metastatic non-small cell lung cancer drugs.

  • Nvidia (NASDAQ: NVDA) stock rose 1.7% after Morgan Stanley upgraded its stance on the software company to ‘overweight’ from ‘equal-weight’, citing growing excitement around artificial intelligence.

  • Alphabet (NASDAQ: GOOGL) stock fell 0.6% after the Google-owner announced a price increase for its YouTube TV subscription, citing increased content costs.

  • Microsoft (NASDAQ: MSFT) stock rose 0.6% after a filing showed the software giant has offered remedies in an attempt to gain EU antitrust approval for its $69 billion acquisition of Activision (NASDAQ: ATVI).
  • Bumble (NASDAQ: BMBL) stock rose 0.9% after Citigroup initiated coverage of the online dating site with a ‘buy’ rating, expecting it to gain market share.

  • Credit Suisse (NYSE: CS) stock fell 6.9% after Bloomberg reported that the lender had rebuffed a suggestion from Swiss regulators that its much larger rival UBS (SIX:UBSG) take it over.

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