October 15, 2024

Brighton Journal

Complete News World

Stocks making the biggest moves before the market: PINS, FCNCA, CAT

Stocks making the biggest moves before the market: PINS, FCNCA, CAT

Jim Ambleby, CEO, Caterpillar Inc.

Adam Jeffery | CNBC

Check out the companies making headlines before the bell.

Pinterest – Pinterest gained 4.3% after UBS upgraded the social media stock to buy and said the shares could gain more than 25% as the company improves its advertising strategy.

First Citizens BancShares Shares rose 40% on news that First Citizens will buy about $72 billion in Silicon Valley bank assets at a $16.5 billion discount.

First Republic, Backwest – Regional bank stocks rose Monday after a report from Bloomberg News that US authorities are considering expanding government support to banks to provide additional liquidity. Shares of First Republic jumped 23% in premarket trading, while shares of PacWest Bancorp rose nearly 9% and Western Alliance rose 5%.

Caterpillar — Shares fell 1.2% after Bird downgraded the machinery company to underperform, citing potential headwinds driven by a “significant slowdown” in new small- and medium-sized non-residential projects in 2024 due to ongoing unrest with regional bank lenders.

KeyCorp KeyCorp gained 6.8% after Citi upgraded the stock to Buy from Neutral. City analyst Keith Horowitz gave KeyCorp a $20 price target, suggesting the stock would rise 68.6% since Friday’s close.

Dish Network Shares of the satellite company fell 2.5% after a A class action has been announced was filed against the company by Dish investors who purchased the stock between February 22, 2023 and February 27, 2023. The suit alleges that Dish exaggerated its efficiency and infrastructure capabilities as it experienced widespread network outages due to a cybersecurity breach last month. Shares are down nearly 38% since the start of the year.

See also  The former NAACP leader was removed from the AMC Theater due to a seating issue

Ulysse Bargin Outlet Holdings — The stock fell 3.5% after Citi downgraded the retailer to sell from neutral, saying it had a “hard-to-measure model” and had seen weaker productivity with its new stores in the past several years.

Corning – Shares advanced 2.3% after Deutsche Bank lifted Corning to buy from hold. Analyst Matthew Nicknam said the technology company, which specializes in glass and ceramics, is “turning a corner” in terms of revenue and earnings per share.

— CNBC’s Jesse Pound, Sarah Min Hakyung Kim, and Samantha Sobin contributed reporting.