Credit Suisse, Lennar, PacWest, and More Stocks Making Big Premarket Moves

Credit Suisse

‍

According to Trade Algo, Credit Suisse shares are down 21.5% after its biggest backer, Saudi National Bank announced it will be withholding any further financial support for the firm. In the worst moments of the financial crisis, several European banks were halted from holding their shares, including Credit Suisse, Societe Generale, Monte dei Paschi of Italy, and UniCredit.

‍

Bank of America, Morgan Stanley, Wells Fargo

‍

Early Wednesday morning, shares of larger financial companies dropped as a plunge in Credit Suisse sent ripples throughout the global banking sector as a result of the Credit Suisse drop. In the past quarter, Bank of America lost 2.9% of its market value, Morgan Stanley lost 3.2% of its value, and Wells Fargo lost 4.1%.

‍

Lennar

‍

After Lennar beat estimates on both the top and bottom lines for its fiscal first quarter, its shares rose more than 1% in premarket trading today as the company beat expectations on both fronts. There were $2.06 in earnings per share for Lennar on $6.49 billion of revenue, translating to earnings per share of $2.06. Refinitiv analyst expectations were for $1.55 in earnings per share on $5.93 billion of revenue, based on a survey of analysts. As of the beginning of the current year, home deliveries are up 9% year-over-year, but gross margins and new orders are down.

‍

PacWest Bancorp, Comerica, KeyCorp

‍

Wednesday's fall was largely due to regional banks after Tuesday's rally. It is estimated that PacWest lost 7.7% and Comerica lost 3.4%, respectively. In addition to KeyCorp, Regions Financial and Zions Bancorp all saw their stock prices drop that day. An increase of 3.8% was posted by San Francisco-based First Republic shares.

‍

Royal Caribbean 

‍

As a result, the cruise line saw its stock price decline by 2.8%. As a result, the cruise line recently refunded guests after its website mistakenly offered a non-existent "Premier Pass" that was not available. There was also an announcement made by the company that it would be expanding its sales department. It is also important to mention that most of our competitors were down as well.