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Nike, First Republic and Luminar fall premarket; GameStop, Virgin Orbit soar

Investing.com
·2-min read

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Wednesday, March 22nd. Please refresh for updates.

First Republic Bank (NYSE:FRC) stock fell 5.3% ahead of the Fed rate decision even as negotiators in Washington and on Wall Street discuss potential government support to stabilize the beleaguered regional lender.

Nike (NYSE:NKE) stock fell 1.3% after the athletic footwear manufacturer warned of margin pressures as it continues to get rid of excess inventory through heavy discounts, even as it raised its full-year revenue outlook.

GameStop (NYSE:GME) stock soared close to 50% after the video game retailer posted a surprise profit for the fourth quarter, its first since early 2021, helped by lower costs and job cuts.

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UBS (NYSE:UBS) stock fell 2.3% after the Financial Times reported that the Swiss lender is attempting to unwind a deal that would have seen Wall Street dealmaker Michael Klein take control over much of the investment banking division of the newly acquired Credit Suisse.

Luminar Technologies (NASDAQ:LAZR) stock fell 10% after Goldman Sachs downgraded its stance on the lidar developer to ‘sell’ from ‘neutral’, seeing downside to the company’s margin outlook.

Alphabet (NASDAQ:GOOGL) stock fell 1.5% after its Google unit started to roll out Bard, the AI function that is its response to Microsoft-backed ChatGPT.

Virgin Orbit (NASDAQ:VORB) stock soared over 70% after the cash-strapped company confirmed plans to restart operations this week to work on rocket upgrades.

Winnebago (NYSE:WGO) stock rose 5.9% after the recreational vehicle manufacturer cruised past expectations for its fiscal second quarter.

Boeing (NYSE:BA) stock fell 1.4% after the plane maker's finance chief said the company will take additional charges to the KC-46 tanker program due to a supplier quality issue with the center fuel tank. Stellantis (NYSE:STLA) stock rose 0.9% after the carmaker said it would invest around $140 million in its German assembly plant to produce a new battery electric vehicle there from the second half of next year.

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