Stocks making the biggest premarket moves: Tesla, First Republic, UBS, Foot Locker and more
Check out the companies making the biggest moves in premarket trading:
Tesla — The electric vehicle maker rose 2% after Moody's assigned it a Baa3 rating and removed its junk-rated credit. Moody's said the upgrade reflects Tesla's prudent financial policy and management's operational track record.
First Republic — The beleaguered bank jumped nearly 19% in premarket trading, following a 90% plunge so far this month as investors focused on its large amount of uninsured deposits. On Monday, CNBC's David Faber reported JPMorgan Chase is giving advice on alternatives for First Republic.
New York Community Bancorp — The bank popped 7%, a day after surging 31.65%. The Federal Deposit Insurance Corporation has said New York Community Bancorp's subsidiary, Flagstar Bank, will assume nearly all of Signature Bank's deposits and some of its loan portfolios, as well as all 40 of its former branches.
Regional banks — Regional banks were also higher on the heels of First Republic's rise and as investors continued to digest the likelihood of expanded federal insurance. PacWest rallied 8.3%, Fifth Third Bancorp rose 3.4% and KeyCorp gained 3.3%.
UBS — U.S.-listed shares of the Swiss-based bank were up 4%, a day after gaining 3.3% following its agreement to buy Credit Suisse for $3.2 billion. Credit Suisse was essentially flat in the premarket, after plummeting 52.99% on Monday.
Harley-Davidson — The motorcycle maker climbed 3.8% after Morgan Stanley upgraded the stock to overweight from equal weight, citing Harley's focus on the core business and a better-off consumer. The firm's price target of $50 implies a 33.2% upside from Monday's close.
Foot Locker — Its shares rose more than 4% after Citi upgraded the retailer to "buy" from "neutral." Citi said the company is moving in the right direction, turning attention away from malls and the Champs brand and instead focusing on offerings related to kids, loyalty and digital.
Meta Platforms — Shares of the Facebook parent climbed nearly 3% in premarket trading after Morgan Stanley upgraded Meta and said it has about 25% potential upside thanks to its Reels strategy and efficiency plans. The upgrade comes a week after Meta announced plans to layoff another 10,000 employees.
— CNBC's Alex Harring and Tanaya Macheel contributed reporting.