Credit Suisse, Snap, Adobe, PagerDuty, And More Make Big Moves In Premarket

‍Credit Suisse

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The Swiss bank's shares on U.S. exchanges rose nearly 6% after it announced it would borrow $50 billion from its parent bank. On Wednesday, one of the company's largest investors said it couldn't provide any more funding, causing the stock to drop 13.9%.

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Snap, Meta

The Wall Street Journal reported that the Biden administration is considering banning TikTok unless ByteDance, its Chinese owner, sells it. Snap rose 6% while Meta rose 1.5% following the report. The Bloomberg report also said TikTok may split from ByteDance if an agreement with the U.S. does not materialize.

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Regional banks

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In the aftermath of Silicon Valley Bank's failure, regional banks continued to deteriorate. There were drops in First Republic Bank and Zions Bancorporation, as well as in Colegiica. Both companies lost nearly 28%.

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Dollar General

Wall Street's estimates for same-store sales declined 1.6% as the discount retailer reported lower quarterly sales than expected. Refinitiv analysts predicted 6% growth in same-store sales for the fourth quarter. However, the company posted a 5.7% increase.

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Adobe

The software giant's shares rose 5.4% after it raised its profit forecast for fiscal 2023 and revealed its quarterly earnings exceeded Wall Street expectations. As a result, the company increased its digital media income projections for the full year.

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Occidental Petroleum

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A total of $466.7 million was invested by Warren Buffett's Berkshire Hathaway in 7.9 million shares. The shares rose nearly 1%.

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UiPath

After reporting 15 cent adjusted earnings per share for the fourth quarter, the company surged nearly 16%, beating StreetAccount's estimate of 6 cents. In contrast to expectations, revenues came in at $308.5 million, much higher than the expected $278.6 million.

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Baidu

A new ChatGPT alternative, the Ernie bot, was unveiled by Baidu this week, causing its U.S.-listed shares to decline nearly 6%.

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PagerDuty

The stock rose nearly 6% after the quarterly earnings and revenue of the digital operations management platform surpassed expectations. Compared to expectations of 2 cents per share, adjusted earnings per share came in at 8 cents. Despite expectations of $98.8 million in revenue, the company generated $101 million.

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Five Below

A mediocre outlook for the first quarter sent shares of the discount retailer down more than 3%. Five Below, however, beat analysts' revenue expectations and met earnings estimates, according to Refinitiv.

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Motorola

As a result of JPMorgan upgrading the telecommunications equipment company to overweight from neutral, shares rose 1.8%. Stock prices have fallen to an attractive level, according to JPMorgan.