AMC, Chewy, First Republic, Coinbase, and Many More Stocks Make Big Premarket Moves 

‍Coinbase

As a result of the Securities and Exchange Commission's Wells notice that Coinbase received, the shares of the cryptocurrency trading app fell by more than 11% in premarket trading. According to Oppenheimer, the stock was also downgraded from outperform to perform, because of the Wells notice and concerns about the development of blockchain technologies in the United States. Aside from that, the Biden administration also made a number of criticisms about the entire digital asset industry. Coinbase has also been the subject of criticism from Jefferies and Key Banc.

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First Republic, PacWest

Following Wednesday's significant selloff, both First Republic and PacWest increased following the declines earlier in the session Wednesday. First Republic added 5.6% following a loss of 15.5%, and PacWest gained 4.7% following a decline of 17.1%.

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Regions Financial

Despite regional banks slipping more than 6% on Wednesday after the Fed increased benchmark interest rates by 25 basis points and after chairman Jerome Powell made comments about the sustainability of the banking system, shares of Regions Bank rose 1.3% in premarket trading. Regional banks tumbled more than 6% on Wednesday after the Fed raised benchmark interest rates by 25 basis points.

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Chewy

In spite of Chewy beating both top line and bottom line estimates for its fourth quarter, shares of the pet products e-commerce company dropped more than 5% in value. According to the company's earnings report, the company posted earnings per share of 1 cent on revenue of $2.71 billion. Based on the forecasts of Refinitiv analysts, it is expected that the company will report a loss of 11 cents a share on a revenue of $2.64 billion. Although, there was a slight decline in the number of active users over the past year, according to the company's metrics.

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AMC

AMC stock advanced by 2.5%. AMC's stock price rose in spite of Citi's decision to resume coverage of the company with a sell rating citing overvaluation of the common stock as a reason for the move. The stock of GameStop, another meme stock, surged a day earlier.

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Carvana

A rally of 4.5% was seen by Carvana shares, adding to their 6.3% gains from the previous session. In addition, Carvana plans to allow current bondholders to exchange their unsecured notes for new ones for a premium price, Trade Algo previously reported. The company announced better-than-expected guidance for the first quarter on Wednesday.

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Alibaba

To be sure, the stock has suffered this year, losing 5%, since it started the year on a low note, but it just gained 4.3% today, building on gains made a day earlier.

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Ford

During the morning trading session, Ford's shares were up 1.3%. The company is expected to stop presenting its financial results by region and start reporting by business unit.