The Snapchat application on a smartphone arranged in Hastings-on-Hudson, New York, US, on Wednesday, Feb. 1, 2023.
Tiffany Hagler-Geard | Bloomberg | Getty Images
Check out the companies making the biggest moves in premarket trading:
Credit Suisse — U.S.-listed shares of Credit Suisse gained nearly 6% after the Swiss bank said it will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank. The stock tumbled 13.9% on Wednesday after its largest investors said it couldn’t provide any more funding.
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Snap, Meta — Snap rallied 6%, while Meta rose 1.5% following a Wall Street Journal report that the Biden administration said competitor TikTok could be banned unless it is sold by its Chinese owner, ByteDance. A separate report by Bloomberg said TikTok is considering splitting from ByteDance if a deal with the U.S. fails.
Regional banks — Regional banks continued their slide amid the fallout of Silicon Valley Bank’s failure.
First Republic Bank tumbled nearly 28%, and Zions Bancorporation lost 3.6%. Comerica shed 1.6%.
Dollar General — The discount retailer sank 1.6% after its quarterly same-store sales missed Wall Street’s estimates. Same-store sales rose 5.7% in the fourth quarter, versus the 6% expected by analysts polled by Refinitiv.
Adobe — Shares of the software giant rose 5.4% after the company lifted its profit forecast for fiscal 2023 and announced its quarterly results beat Wall Street estimates. It increased income and net new recurring revenue projections for its digital media business for the full year.
Occidental Petroleum — Shares rose nearly 1% after Warren Buffett’s Berkshire Hathaway bought another 7.9 million shares, totaling $466.7 million.
UiPath — The automation software company surged nearly 16% after reporting fourth-quarter adjusted earnings per share of 15 cents, beating the StreetAccount estimate of 6 cents per share. Revenue came in at $308.5 million, well above the $278.6 million expect.
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