WMT - 4 stocks to watch on Monday: First Citizens Bank Walmart and more

2023-03-27 09:13:05 ET

Stocks looked poised for a further upswing in Monday's premarket trading, adding to gains posted at the end of last week. Continued easing of worries about the banking sector boosted sentiment. Here are some stocks to watch on Monday:

• First Citizens Bank ( NASDAQ: FCNCA ) surged in premarket trading, jumping 24% after the bank agreed to purchase deposits and loans from shuttered rival Silicon Valley Bank. Under the deal, FCNCA will purchase $72B in assets, which are being acquired at a 23% discount. Even after the deal, about $90B in SVB assets remain under receivership by the FDIC.
• Morgan Stanley issued an upbeat comment on Walmart ( WMT ) ahead of an Investor Day event scheduled for early April. "We like WMT’s risk/reward skew at current levels," analyst Simeon Gutman wrote. "EPS visibility is solid ... The stock has lagged, but defensives could outperform from here."
• BioNTech ( BNTX ) revealed that it expects about €5B this year from sales of its Comirnaty product, the COVID vaccine it developed along with Pfizer ( PFE ). The product accounted €17.3B in revenue for 2022.
• Corning ( GLW ) received a bullish comment from Deutsche Bank, which raised its rating on the stock to Buy from Hold. "1Q23 results will mark the bottom for revenue and earnings," analyst Matthew Niknam predicted.

For a look at the broader environment on Wall Street, see why Seeking Alpha contributor Michael James McDonald argues that sentiment is " at a critical stage ."

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