First Republic Bank
Shares of the San Francisco-based bank advanced 46% after closing up 61.9% on Monday. First Republic shares advanced amid broader gains in regional bank shares. Western Alliance Bancorp and KeyCorp advanced 34% and 17%. Separately, Western Alliance rose after Wells Fargo reiterated its bullish reading on the stock, saying the risk is attractive to the stock.
Uber and Lyft
Shares of ride-hailing companies Uber and Lyft and ride-hailing firm Doordash rose 5.2% after a California court said the companies are allowed to continue to hire their drivers as independent contractors. This overturned a lower court ruling that had barred them from doing so.
Shares of the bank retreated about 1.65% after Credit Suisse said it found material failures in its financial reporting processes for the 2022 and 2021 periods.
Shares of the travel company retreated 5.5% premarket after forecasting a first-quarter loss. United reported weaker demand growth than in prior months and elevated fuel prices.
Shares of Buzzfeed fell 10% after the internet media company posted weak first-quarter results.
Shares retreated 29.3% after GitLab issued a softer-than-expected outlook. Otherwise, the firm reported a hit to the top and bottom lines in its fourth-quarter stats.
Shares of Cvent retreated more than 3% after the meetings and events tech firm announced Blackstone would acquire it for $4.62 billion.
European markets extend gains
European stocks edged higher as traders learned about the fallout from the collapse of Silicon Valley Bank and reacted to US inflation statistics.
The pan-European Stoxx 600 index was up 1.23% at 1:00 p.m. In London, all sectors are green. Germany’s DAX index returned 1.7% after a 3.4% decline on Monday.
The banking sector advanced 2% after its worst day in a year, while industrials advanced 2.4%.
According to Dow Jones, the US consumer price index rose 0.42% monthly and 6% annually in February. The indicators are slightly below the January inflation rate of 0.4% and 6.3%, respectively.
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