NKE - 6 stocks to watch on Tuesday: First Republic Meta Platforms and more

2023-03-21 08:27:19 ET

The futures pointed to a higher start to Tuesday's trading. An early rally would build on gains posted the previous day, when Wall Street got a boost from easing fears about the banking system. Here are some stocks to watch on Tuesday:

• First Republic ( NYSE: FRC ) surged in premarket trading, bouncing off an all-time low reached the previous session, bolstered by a proposal by JPMorgan ( JPM ) to steady the troubled bank. Shares jumped 15% before the opening bell, recovering a portion of the 47% drop recorded the previous day.
• Meta Platforms ( META ) advanced more than 3% in premarket action after Morgan Stanley raised its rating on the Facebook parent to Overweight from Equal-Weight . Analyst Brian Nowak attributed the upgrade to improved efficiency at the tech giant, following recent cost-cutting efforts. Nowak also pointed to improving revenue and engagement, as well as trends related to its Reels product.
• A Morgan Stanley upgrade also gave a premarket lift to Harley-Davidson ( HOG ). Shares of the motorcycle maker climbed 4% after Morgan Stanley raised its rating on the stock to Overweight from Equal-Weight. "Taking over as CEO at the start of COVID, Jochen Zeitz used the crisis to drive improved efficiency in the HOG business model," analyst Adam Jonas noted.
• Nike ( NKE ) is scheduled to announce its quarterly results after the closing bell. Analysts are looking for the athletic shoe and apparel maker to earn $0.55 per share. Revenue is projected to rise to $11.48B.
• GameStop ( GME ) is also slated to release its financial figures in the postmarket period. The video game maker is projected to lose $0.13 per share, on revenue of $2.18B.

Looking at the broader markets, Seeking Alpha contributor Danil Sereda argues that "the market meltdown is far from over," with credit availability declining and risks that " are much higher than potential reward ."

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