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Midday movers: First Republic, Snap, Adobe and more

Published 03/16/2023, 01:55 PM
Updated 03/16/2023, 02:17 PM
© Reuters.

By Liz Moyer -- Stocks were rising on Thursday as fears about a bank contagion subsided amid talks of a deal to shore up First Republic. Here are the midday movers for March 16.

  • First Republic Bank (NYSE:FRC) shares have been on a roller coaster, rising 9% after being down significantly earlier in the day. Reports say a group of large banks is preparing to step in and bolster the bank with billions of dollars of deposits. First Republic has been under pressure since last week's collapse of Silicon Valley Bank.
  • Snap Inc (NYSE:SNAP) shares are up 7.2% after reports the U.S. government threatened to ban video-sharing app rival TikTok unless its Chinese owners sell their stake. Meta Platforms Inc (NASDAQ:META) stock also rose 0.6%.
  • Adobe Systems Incorporated (NASDAQ:ADBE) shares rose 5.3% after its fiscal first quarter numbers topped expectations and its own guidance and it raised its outlook for the year.

  • Virgin Orbit Holdings Inc (NASDAQ:VORB) shares are down 33% after the commercial satellite launch company said it was halting operations for a week to conserve capital while it considers alternatives and meets with potential funding sources.
  • Dollar General Corporation (NYSE:DG) shares were down 2.2% after the discount retailer offered a disappointing outlook. It is forecasting earnings per share growth that falls below expectations and investing $100 million in its stores, mostly for labor.

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