Stocks make the biggest moves premarket: CS, LEN, PACW

Axel Lehmann, Chairman of Credit Suisse Group AG, speaks at the annual membership meeting of the Institute of International Finance (IIF) in Washington, DC, on Friday, October 14, 2022.

Ting Shen | Bloomberg | Getty Images

Check out the companies making headlines before the bell rings.

Credit Suisse — Shares of Credit Suisse fell 21.5% after the company’s largest lender, Saudi National Bank, said it would not provide further financial assistance. Credit Suisse and several other European banks, including Societe Generale, Italy’s Monte dei Paschi and UniCredit, were shut down as prices plummeted.

Bank of America, Morgan Stanley, Wells Fargo – Shares of larger financial institutions were lower early Wednesday as Credit Suisse’s fall sent ripples across the global banking sector. Bank of America lost 2.9%, Morgan Stanley lost 3.2% and Wells Fargo fell nearly 4.2%.

Lennar – Shares of the homebuilder rose more than 1% in premarket trading after Lennar beat estimates on the top and bottom for the fiscal first quarter. Lennar reported earnings per share of $2.06 on sales of $6.49 billion. Analysts polled by Refinitiv expected $1.55 earnings per share on $5.93 billion in revenue. Home delivery is up 9% year over year, but gross margin and new orders are down.

PacWest Bancorp, Comerica, KeyCorp – Several regional banks led Wednesday’s fall after a rally on Tuesday. PacWest and Comerica lost 7.7% and 3.4% respectively. KeyCorp’s share price fell 1.4%, Regions Financial fell 4.2% and Zions Bancorp lost 5.5%. Shares of San Francisco-based First Republic bucked the trend, gaining 3.8%.

Royal Caribbean — Shares of the cruise line fell 2.8%. The company recently refunded guests after they mistakenly offered a non-existent “Premier Pass” on its website. The company also announced that it is expanding its sales team. Rival cruise operators were also down.

– CNBC’s Hakyung Kim and Jesse Pound contributed reporting.


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