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Wells Fargo, First Republic and Pfizer fall premarket; Seagen and Boeing rise

Investing.com
·2-min read

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Monday, March 13th. Please refresh for updates.

Banking stocks fell sharply amid contagion worries, with Wells Fargo (NYSE:WFC) down 3.3%, JPMorgan (NYSE:JPM) off 1.2% and Citigroup (NYSE:C) down 2.2%. The regional banks were hit harder, and First Republic Bank (NYSE:FRC) dropped over 65%, PacWest Bancorp (NASDAQ:PACW) fell over 35% and Western Alliance (NYSE:WAL) slumped over 55%.

Coinbase (NASDAQ:COIN) stock rose 2%, with the cryptocurrency exchange platform boosted by the surge in digital currencies after federal action to bail out one of the biggest regulated banks providing services to the sector removed a major immediate threat to it.

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Seagen (NASDAQ:SGEN) stock rose 18% after Pfizer (NYSE:PFE), down 1.9%, announced plans to acquire the biotech company in a deal valued at $43 billion including debt to expand its portfolio of cancer treatments.

Boeing (NYSE:BA) stock rose 0.7% after Taiwan's Eva Airways (TW:2618) said it would purchase five of the aircraft manufacturer's 787 widebody planes worth $1.78B at list prices.

Under Armour (NYSE:UA) stock fell 1.78% after JPMorgan downgraded the sports clothing retailer to 'neutral' from 'overweight', citing a prolonged period for the company to work through "inventory overhang."

United Natural Foods (NYSE:UNFI) stock fell 0.5% after UBS downgraded the organic food company to 'neutral' from 'buy' after the company reported lower earnings and disappointing guidance last week.

Tesla (NASDAQ:TSLA) stock fell 2% after Wolfe Research downgraded its stance on the electric vehicle manufacturer to 'peer perform' from 'outperform', saying the deteriorating macro environment.

Qualcomm (NASDAQ:QCOM) stock rose 0.9% with the chipmaker heading to Europe's second top court seeking to overturn a €242 million (€1 = $1.0660) EU antitrust fine.

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