Stock futures teetered on Friday as the largest banks in the US scramble to bail out ailing First Republic Bank.
These stocks were poised to make moves on Friday:
Bank of the First Republic
(FRC) is down 4% in premarket trading. The stock closed up nearly 10% on Thursday after a syndicate of banks were among them
Bank of America
(JPM) and others agreed to place a total of $30 billion in uninsured deposits with the troubled bank.
First Republic shares took a hit last week following the collapse of Silicon Valley Bank and Signature Bank. Wall Street had feared that the San Francisco-based First Republic, with its large share of uninsured deposits, would face a deposit flight like the bank run that caused the failure of Silicon Valley Bank.
(FDX) reported third-quarter earnings that far beat analyst estimates, and the stock is up 11.5% in premarket trading. The shipping giant also raised its earnings guidance for the fiscal year, saying it sees earnings of $13.80 to $14.40 per share before market-based pension plan accounting adjustments, compared to a previous guidance of $12.50 to $13.50 -dollars per share.
“We continue to work urgently to improve efficiencies and our cost measures are taking effect, leading to an improved outlook for the current fiscal year,” CEO Raj Subramaniam said in a press release.
United Parcel Service
(UPS) for 3.6%.
United States steel
(X) rose 5.6% in premarket trading after the steelmaker released better-than-expected first-quarter guidance on improving demand. The company expects adjusted earnings of 58 cents to 63 cents per share for the first quarter, well above Wall Street’s forecast of 19 cents.
American depositary receipts from
(BIDU), the Chinese search giant, rose 5.2% after winning approval to launch fully driverless robotaxi services in Beijing.
Chinese manufacturer of electric vehicles
(XPEV) reported a stronger-than-expected fourth-quarter loss and issued a first-quarter revenue outlook that came in below estimates. XPeng’s American Depositary Receipts rose 0.2% in premarket trading.
Write to Joe Woelfel at email@example.com
Source : www.barrons.com