Jim Umpleby, CEO of 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 shares could pop more than 25% as the company improves its advertising strategy.
First Citizens BancShares — Shares popped 40% on news that First Citizens will buy around $72 billion of Silicon Valley Bank assets at a discount of $16.5 billion.
First Republic, PacWest — Regional bank stocks were moving higher on Monday following a report from Bloomberg News that U.S. authorities were considering expanding government support for banks to provide additional liquidity. Shares of First Republic jumped 23% in premarket trading, while PacWest Bancorp rose about 9%, and Western Alliance gained 5%.
Caterpillar — Shares dropped 1.2% after Baird downgraded the machinery company to underperform, citing potential headwinds driven by a “meaningful slowdown” in new small- and medium-sized nonresidential projects in 2024 due to ongoing turmoil with regional bank lenders.
KeyCorp — KeyCorp gained 6.8% after Citi upgraded the stock to buy from neutral. Citi analyst Keith Horowitz gave KeyCorp a price target of $20, suggesting the stock stands to gain 68.6% since Friday’s close.
Dish Network — The satellite company’s shares fell 2.5% after a class-action lawsuit was announced against the company by Dish investors who purchased the stock between Feb. 22, 2023 and Feb. 27, 2023. The lawsuit alleges that Dish overstated its efficiency and infrastructure capabilities as it experienced a widespread network outage due to a cybersecurity breach last month. Shares are down almost 38% year to date.
Ollie’s Bargain Outlet Holdings — The stock shed 3.5% after Citi downgraded the retailer to sell from neutral, saying it has a “difficult model to scale” and has seen weaker productivity with its new stores in the past several years.
Corning — Shares advanced 2.3% after Deutsche Bank upgraded Corning to buy from hold. Analyst Matthew Niknam said the tech firm specializing in glass and ceramics is “turning a corner” on revenues and earnings per share.
— CNBC’s Jesse Pound, Sarah Min Hakyung Kim, and Samantha Subin contributed reporting.