A customer walks past an ATM outside a First Republic Bank branch in Manhattan Beach, California, on March 13, 2023.
Patrick T Fallon | AFP | Getty Images
Check out the companies making headlines during midday trading.
Bank of the First Republic — Shares of First Republic recovered from previous losses and eventually rose about 22%. Sources told CNBC’s David Faber that a group of major financial institutions, including Goldman Sachs and Citigroup, were in talks to pour about $20 billion into the beaten-down region.
Credit Suisse group US-listed shares of the Swiss bank rose 2.5% after it announced it would borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank. The stock is coming out of a volatile trading session on Wednesday, in which it lost 13.9% after the Saudi National Bank, the largest investor, said it would not be able to provide additional funding.
UiPath — The stock rose 17.5% after the automation software company reported adjusted fourth-quarter earnings per share of 15 cents, beating StreetAccount’s estimate of 6 cents per share. Sales also exceeded expectations. Following the results, UiPath was upgraded by Canaccord Genuity to buy off hold.
Seal Jewelers — Shares of the jeweler rose 13% after the company posted fourth-quarter earnings and revenue that beat analysts’ estimates. Signet also reported margins above consensus and said it increased its buyback by $263 million.
snap — The Snapchat operator was up more than 6% in the afternoon after Reuters reported that the United States’ Foreign Investment Committee was demanding that China’s ByteDance sell its stake in TikTok. A separate report from Bloomberg said TikTok is considering splitting from ByteDance if a US deal falls through.
Foot Locker — The athletic footwear retailer saw its shares rise about 5% after Telsey Advisory upgraded the stock to outperform and said it expects some benefits from a deeper focus on products, brand partnerships, retail footprint and e-commerce investments.
Adobe — The software maker saw its stock rise nearly 5% after the company reported fiscal first-quarter results that beat Wall Street estimates. Adobe also raised its full-year revenue and net new recurring revenue forecasts from its Digital Media business.
Progressive — Shares of the insurance company were up 4% following an upgrade by Wells Fargo from underweight to overweight. Wells said the company has defensive properties in a tough macroeconomic environment.
Motorola Solutions — The telecommunications equipment company gained 3% after being upgraded from neutral to overweight by JPMorgan. The Wall Street firm said the stock has fallen to levels that are attractive.
Western petroleum — The oil stock rose about 2%, outperforming the S&P 500 energy sector after Warren Buffett’s Berkshire Hathaway captured 7.9 million shares of the company. The average price for Monday through Wednesday purchases was $59.17, totaling $466.7 million. Berkshire now owns 23.1% of Occidental.
LivePerson — The artificial intelligence company saw its shares plummet more than 50% after posting weaker fourth-quarter earnings and issuing full-year guidance that fell short of Wall Street’s forecasts. Management cited a challenging macro background for friction in the sales cycle.
– CNBC’s Michelle Fox, Jesse Pound, Sarah Min and Hakyung Kim contributed to the reporting
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