Ilumina, First Republic, Seagen, And Others Making Big Moves Premarket

‍First Republic

First Republic shares plunged more than 64% before the bell, building on last week's losses. Bank stocks declined despite government plans to backstop Silicon Valley Bank and Signature Bank, depositors.

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Seagen

Its shares surged 18% in early market trading on news it will be acquired by Pfizer for $43 billion, bolstering Pfizer's cancer treatment portfolio as sales of Covid-19 decline. Seagen shares were offered at $229 per share by Pfizer, an increase of 32.7% over Friday's closing price.

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Illumina

In response to The Wall Street Journal's report that billionaire activist Carl Icahn is preparing a proxy fight against Illumina, shares of the biotech company rose 8.2%. Despite facing opposition from regulators, Icahn argues that the company has cost its shareholders about $50 billion in losses as a result of pushing through a risky acquisition.  

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PacWest Bancorp, Western Alliance Bancorp

The shares of PacWest Bancorp and Western Alliance have declined by more than 40% and 51% respectively, as both banks have been impacted by the closure of Silicon Valley Bank and Signature Bank, both of which are regional lenders. The two banks said on Friday that their liquidity and deposits were still strong, which was intended to calm investors.

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Bank of America, JP Morgan, Citigroup

Following the closure of two major banks, shares of major banks took a significant hit in early market trading, as investors grew concerned and regulators clamped down on risks associated with bank closures. There was a 4.2% decline for Bank of America, a 1.4% decline for JP Morgan, and a 2.25 percent decline for Citigroup.

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Charles Schwab

The shares of the company fell by more than 6.6% before the bell rang. In spite of that, Citigroup upgraded the stock to buy from neutral in the past couple of trading days, stating that the company's 23% decline over the past two days provides it with a "compelling" risk-reward scenario. Citi anticipates that near-term revenue and earnings headwinds will result from rising funding costs and continued sorting of client cash, which is already reflected in the current stock price, which the company believes has already been factored into its outlook.

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PNC

As regulators struggle to find buyers for Silicon Valley Bank, the bank's shares have lost nearly 5.2% in value since early Monday morning as the bank decided to not bid on the failed bank.

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Roku

The shares of Roku fell by more than 2% before the bell. Silicon Valley Bank holds $487 million, or 26%, of the streaming and media company's cash reserves, according to a Friday SEC filing. 

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Petco Health and Wellness 

There was a small decline in the shares of this company after Citi downgraded it to neutral from buy. It is believed that the Wall Street firm is citing continued weakness in discretionary spending as well as the likelihood that consumers may trade down to cheaper offerings as the reasons for its call.