The Snapchat app on a smartphone installed in Hastings-on-Hudson, New York, U.S. on Wednesday, February 1, 2023.
Tiffany Hagler Gear | Bloomberg | Getty Images
Check out the companies making the biggest leaps in pre-market commerce:
Credit Suisse – U.S.-listed shares of Credit Suisse gained nearly 6% after the Swiss bank announced it would borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank. The stock fell 13.9% on Wednesday after its top investors said it could no longer provide funding.
Snap, Meta – Snap rose 6%, while Meta rose 1.5% following a Wall Street Journal report that the Biden administration said competitor TikTok could be banned unless be sold by its Chinese owner, ByteDance. A separate report from Bloomberg said TikTok was considering parting ways with ByteDance if a deal with the United States fell through.
Regional banks — Regional banks continued their slide amid the fallout from the Silicon Valley Bank collapse.
First Republic Bank fell almost 28% and Zions Bancorporation lost 3.6%. Comerica lost 1.6%.
Dollar General – The discount retailer fell 1.6% after its quarterly same-store sales fell below Wall Street estimates. Same-store sales rose 5.7% in the fourth quarter, versus 6% expected by analysts polled by Refinitiv.
Adobe – Shares of the software giant rose 5.4% after the company raised its profit forecast for fiscal 2023 and announced that its quarterly results beat Wall Street estimates. It increased its revenue 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 an additional 7.9 million shares, for a total of $466.7 million.
UiPath – The automation software company jumped nearly 16% after reporting adjusted fourth-quarter earnings per share of 15 cents, beating StreetAccount’s estimate of 6 cents per share. Revenue came in at $308.5 million, well above the expected $278.6 million.
Baidu – Listed US shares of Baidu fell nearly 6% after the Chinese tech company unveiled its ChatGPT alternative, Ernie bot.
PagerDuty – Shares rose nearly 6% after the digital operations management platform’s earnings and revenue beat estimates for the fourth quarter. Adjusted earnings per share came in at 8 cents per share, versus 2 cents expected, per Refinitiv. Revenue was $101 million, beating the expected $98.8 million.
Five below – The discount retailer lost more than 3% after giving a muted outlook for the first quarter. However, Five Below’s revenue beat analysts’ estimates, according to Refinitiv, and earnings were in line with expectations.
Motorola – The telecommunications equipment company gained 1.8% following an upgrade by JPMorgan from overweight to neutral. The Wall Street firm said the stock fell to attractive levels.
—CNBC’s Tanaya Macheel contributed reporting.