Nike, First Republic and Luminar fall premarket; GameStop, Virgin Orbit soar
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, March 22nd. Please refresh for updates.
First Republic Bank (NYSE: FRC) stock fell 5.3% ahead of the Fed rate decision even as negotiators in Washington and on Wall Street discuss potential government support to stabilize the beleaguered regional lender.
Nike (NYSE: NKE) stock fell 1.3% after the athletic footwear manufacturer warned of margin pressures as it continues to get rid of excess inventory through heavy discounts, even as it raised its full-year revenue outlook.
GameStop (NYSE: GME) stock soared close to 50% after the video game retailer posted a surprise profit for the fourth quarter, its first since early 2021, helped by lower costs and job cuts.
UBS (NYSE: UBS) stock fell 2.3% after the Financial Times reported that the Swiss lender is attempting to unwind a deal that would have seen Wall Street dealmaker Michael Klein take control over much of the investment banking division of the newly acquired Credit Suisse.
Luminar Technologies (NASDAQ: LAZR) stock fell 10% after Goldman Sachs downgraded its stance on the lidar developer to ‘sell’ from ‘neutral’, seeing downside to the company’s margin outlook.
Alphabet (NASDAQ: GOOGL) stock fell 1.5% after its Google unit started to roll out Bard, the AI function that is its response to Microsoft-backed ChatGPT.
Virgin Orbit (NASDAQ: VORB) stock soared over 70% after the cash-strapped company confirmed plans to restart operations this week to work on rocket upgrades.
Winnebago (NYSE: WGO) stock rose 5.9% after the recreational vehicle manufacturer cruised past expectations for its fiscal second quarter.
- Boeing (NYSE: BA) stock fell 1.4% after the plane maker's finance chief said the company will take additional charges to the KC-46 tanker program due to a supplier quality issue with the center fuel tank.
- Stellantis (NYSE: STLA) stock rose 0.9% after the carmaker said it would invest around $140 million in its German assembly plant to produce a new battery electric vehicle there from the second half of next year.