Check out the companies making headlines prior to the opening bell:
Pinterest climbed 4.3% after UBS upgraded the social media stock to buy and said that shares may increase by more than 25% as the firm enhances its advertising approach.
First Citizens BancShares: Shares surged 40% on the announcement that First Citizens would acquire about $72 billion in assets from Silicon Valley Bank for a concession of $16.5 billion.
First Republic, PacWest: After a report from Bloomberg News that U.S. authorities were contemplating increasing government assistance for banks to offer more liquidity, regional bank stocks advanced on Monday. During premarket trading, shares of First Republic increased by 23%, while shares of PacWest Bancorp rose by approximately 9%, and shares of Western Alliance rose by 5%.
Caterpillar:Â Shares fell 1.2% after Baird downgraded the equipment manufacturer to underperform, citing anticipated headwinds caused by a “significant slowdown” in new small and medium-sized nonresidential projects in 2024 as a result of continuing turbulence with regional bank lenders.
KeyCorp: KeyCorp rose 6.8 percent after Citi upgraded the stock from neutral to buy. Citi analyst Keith Horowitz projected a $20 price target for KeyCorp, indicating that the stock could gain 68.6% since Friday’s close.
Dish Network: Shares of the satellite company fell 2.5% following the announcement of a class-action lawsuit against the company by Dish investors who purchased the stock between February 22, 2023, and February 27, 2023. The lawsuit alleges that Dish exaggerated its efficiency and infrastructure capabilities in light of last month’s widespread network outage caused by a cyberattack. Shares are down nearly 38% for the year to date.
Ollie’s Bargain Outlet Holdings: The stock fell 3.5% after Citi downgraded the retailer from neutral to sell, citing its “difficult model to scale” and weaker productivity with its new stores over the past few years.
Cornings: Cornings stock rose 2.3% after Deutsche Bank upgraded the stock to buy from hold. Analyst Matthew Niknam stated that the glass and ceramics-focused technology company is “turning the corner” in terms of revenue and earnings per share.
