First Republic shares pop, Tesla’s stock boosted by credit rating upgrade, while First Majestic shares slide as Nevada mine activities halted

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Here are some of the biggest movers on Tuesday, as the Federal Reserve begins deliberations on a key interest rate decision with the banking system wobbling.

Stock gainers:

First Republic Bank‘s stock
FRC,
+32.02%

rocketed 45% in afternoon trading after surrendering 47% on Monday. CNBC reported the bank has hired JPMorgan as an adviser, as executives from the top banks convene in Washington D.C. on Tuesday. Other regional banks, including PacWest Bancorp
PACW,
+17.92%

and Western Alliance Bancorp
WAL,
+16.26%
,
also saw their stocks soar.

Tesla Inc. shares
TSLA,
+7.72%

shot up 7.0% after Moody’s Investors Services lifted the electric vehicle maker’s credit rating out of “junk” territory to Baa3, the first investment-grade rating.

New York Community Bancorp Inc.‘s stock
NYCB,
+5.28%

added 6.5%, after surging 32% on Monday. The bank was upgraded to buy at DA Davidson on its deal to acquire part of Signature in a deal that’s expected to lift earnings per share by 20% in 2024.

Meta Platforms Inc. shares
META,
+1.89%

shares rose 1.7% to $203,10, as the Facebook parent was upgraded to overweight from equal-weight at Morgan Stanley, with a $250 price target. “We are positive on META’s structural pivot toward increased efficiency and (importantly) improving revenue, engagement and Reels trends,” said the broker.

U.S. Xpress Enterprises Inc.’s stock
USX,
+298.67%

skyrocketed 298% after the  provider of truckload carrier services announced an agreement to be acquired by Knight-Swift Transportation Holdings Inc.
KNX,
+6.74%
,
in a deal valued at $808 million. Knight-Swift shares rallied 7.1%.

Nike Inc. shares
NKE,
+2.89%

rose 2.2%, ahead of the athletic apparel maker’s quarterly results due out after the close. And shares of GameStop Corp., which is also reporting results after the close, jumped 5.8%.

Harley-Davidson Inc.’s stock
HOG,
+4.25%

hiked up 4.7% after Morgan Stanley raised its rating to overweight from equal weight, citing valuation and confidence in management.

FleetCor Technologies Inc. shares
FLT,
+5.07%

tacked on 4.3% after Raymond James turned bullish, as the involvement of an activist investor has skewed the risk-versus-reward profile favorably.

BlackBerry Ltd. shares
BB,
+4.85%

got a 4.3% boost after the security software company said it agreed to sell about 32,000 patents and patent applications to Malikie Innovations Ltd. for up to $900 million.

Stock decliners:

First Majestic Silver Corp. shares
AG,
-23.32%

tumbled 24% as the company suspended mining activities at Jerritt Canyon in Nevada, which accounted for more than a fifth of its revenue last year.

Terran Orbital Corp.’s stock
LLAP,
-8.73%

dropped 9.8%, to reverse an earlier gain, after the satellite products maker reported fourth-quarter losses that narrowed from a year ago but were wider than expected, even as revenue tripled to beat expectations.

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