2023-05-01 08:25:06 ET
The futures pointed to an uncertain start to Monday's session, with stocks poised to open near the flat line. This would follow gains posted at the end of last week, when stocks got a boost from strong tech earnings. Here are some stocks to watch on Monday:
- First Republic Bank ( NYSE: FRC ) plunged in premarket trading after regulators took possession of the regional bank. The Federal Deposit Insurance Corporation has accepted a bid from JPMorgan ( JPM ) to assume all deposits, including all uninsured deposits, and substantially all assets of First Republic Bank. FRC dropped 46% before the opening bell, while JPM climbed almost 4%.
- The release of earnings news prompted premarket buying SoFi Technologies ( SOFI ), with the stock rising 8%. The fintech reported a narrower-than-expected loss , with revenue that surged 43% from last year. Adjusted EBITDA also exceeded projections, coming in at $76M.
- General Motors ( GM ) climbed 3% after Morgan Stanley raised its rating on the automaker to Overweight from Equal-weight . Following the firm's earnings report last week, analyst Adam Jonas stated: "We expect a more gradual de-adoption of internal combustion in the US market versus expectations and a materially higher level of free cash flow conversion over the course of the internal combustion runoff vs. history due to lower investment burden and a more targeted/premium approach."
- Stryker ( SYK ) is scheduled to report its quarterly results after the closing bell. Analysts project the company to earn $2.01 per share. Revenue is expected to rise about 7% from last year to reach $4.56B.
For further details see:
5 stocks to watch on Monday: First Republic Bank, SoFi and more