First Republic Bank falls on possible selling reports and Credit Suisse stock is boosted by central bank borrowing

These were some of the biggest drivers and shakers in Thursday’s premarket trading:

Stock Winner:

  • American depositary receipts from the Swiss bank CreditSuisse
    were up 8% premarket on Thursday after the troubled bank said it would borrow 50 billion francs ($54 billion) from the Swiss central bank and buy back debt.

  • Snapchat’s parent company snap
    is up over 6% premarket after a Wall Street Journal report that the Biden administration has urged Chinese tech firm ByteDance to sell its U.S. arm of TikTok or face a potential U.S. ban metaplatforms
    The stock also rose 2% premarket following the news.

  • shares in a software company Adobe
    Slightly up nearly 6% after reporting fiscal first-quarter results that beat Wall Street estimates and improved its outlook for the fiscal year.

  • block
    Shares rose 2% to $75.69 after Mizuho upgraded Jack Dorsey’s tech conglomerate to buy from neutral and raised its price target to $93 from $80.

Stock decline:

  • Virgo Orbit‘s VORB,
    The stock fell 40% in premarket trading after announcing it would cease operations effective today CNBC. The space launch developer said it suspended operations for a week and furloughed most employees to seek funding.

  • Bank of the First Republic
    The stock fell nearly 19% premarket Thursday morning. The stock fell 21% on Wednesday after two rating agencies downgraded its credit rating to junk. A Bloomberg report late Wednesday said the embattled bank was reviewing its strategic options, including a potential sale. Other regional banks that have taken a hit are among others PacWest Bancorp
    which fell more than 12% during Thursday’s premarket trading session.

  • Proterras
    The stock fell over 16% after the electric vehicle technology maker said it may not have enough cash at the end of its fiscal first quarter.

  • Esperion Therapeutics
    plunged 57% in premarket trading after a standoff between Daiichi Sankyo Europe DSNKY,
    The company said it “would be eligible for $300 million in milestone payments” for its two cholesterol-lowering drugs, according to the report filed with the SEC.

  • American Depositary Receipts from China baidu
    is down nearly 6% premarket after disappointing investors with its response to Chat GPT.

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