Pinterest – Pinterest increased 4.3% after UBS upgraded the social media stock to a buy rating and stated that as the business improves its advertising approach, shares may increase by more than 25%.
First Citizens BancShares – Shares increased 40% following the announcement that First Citizens will purchase Silicon Valley bank assets valued at around $72 billion at a $16.5 billion discount.
First Republic and PacWest – Shares of regional banks increased on Monday on a Bloomberg News story that US authorities are contemplating increasing government support for banks in order to offer more liquidity. In premarket trade, First Republic stock is up 23%, PacWest Bancorp is up around 9%, and Western Alliance is up 5%.
Shares of the industrial company Caterpillar dropped 1.2% after Baird downgraded it to underperforming, citing probable challenges brought on by a “substantial slowdown” in new small- and medium-sized non-residential projects in 2024 due to ongoing turmoil at regional bank lenders .
KeyCorp – KeyCorp gained 6.8% after Citi upgraded the stock to buy from neutral. Citi analyst Keith Horowitz gave KeyCorp a $20 target price, suggesting the stock is up 68.6% since the close on FridayDish Network — Shares of the satellite company fell 2.5% after Dish investors, who bought the shares between Feb. 22, 2023 and Feb. 27, 2023, announced a class-action lawsuit against the company’s infrastructure capabilities since it announced last month There was a widespread network outage due to a cybersecurity breach. Shares are down nearly 38% year to date.
Ollie’s Bargain Outlet Holdings — The stock fell 3.5% after Citi downgraded the retailer to sell from neutral, saying it has a “difficult scaling model” and has experienced weaker productivity at its new stores in recent years.
Corning – Shares rose 2.3% after Deutsche Bank upgraded Corning to buy from hold. Analyst Matthew Niknam said the glass and ceramics tech company is “turning a corner” on revenue and earnings per share.