Tesla, Meta, First Republic, Nvidia, GameStop and other stock market drivers

Bank of the First Republic

(FRC) rose nearly 22% in premarket trading. Shares in the regional lender lost nearly half their value and fell to a new low on Monday, despite a report from The Wall Street Journal saying talks to raise additional capital for the First Republic are underway.

JPMorgan Chase

(JPM) and other banks that have already invested $30 billion in deposits with the bank.

US registered shares

Credit Suisse

(CS) extended losses, falling 1.3% in premarket trading to around 93 cents after falling 53% on Monday after a bigger competitor bought a Swiss bank.

UBS

(UBS) for approximately $3.2 billion. The deal was orchestrated by Swiss authorities over the weekend amid banking turmoil.

Tesla

(TSLA) rose 1.4% in premarket trading. The electric car maker’s debt was upgraded by Moody’s to Baa3, the lowest level for investment grade, one notch above Ba1, the highest level of speculative grade or so-called junk-rated debt.

“The rating action reflects Moody’s expectation that Tesla will remain one of the leading manufacturers of battery electric vehicles with an expanding global footprint and very strong margins,” Moody’s said in a statement.

The European Automobile Manufacturers Association also reported that registrations of new Tesla vehicles in the European Union rose to 19,249 in February from 12,860 a year earlier.

Meta Platforms (META), the parent company of Facebook and Instagram, has been upgraded to Overweight from Equal Weight with a target price of $250, up from $190. The stock was upgraded to Buy at the price of Edward Jones on Monday as analysts backed the company’s decision to cut spending on the metaverse. Meta shares rose 2.6% to $202.91 in premarket trading.

Nvidia

(NVDA) kicked off its developer conference on Monday, and CEO Jensen Huang will deliver a keynote on Tuesday. The chip maker’s CEO will share his “vision for the future of artificial intelligence and how Nvidia is accelerating it with breakthrough technologies and solutions,” the company said in a statement. Shares rose 0.5% in premarket trading.

Nike

(NKE), sportswear giant and video game retailer.

game stop

(GME) plans to publish a quarterly earnings report after the stock market closes on Tuesday.

Email Joe Woelfel at [email protected]