Stocks making the biggest moves midday: BuzzFeed, First Republic, Meta and more
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Check out the companies making headlines in midday trading Tuesday.
BuzzFeed — Share of the internet media company lost about 10% on a weak first-quarter revenue outlook. Buzzfeed expects first-quarter revenue of $61-$67 million, compared to expectations of $83.6 million, according to FactSet. The company beat sales expectations in its fourth quarter results.
Meta Platforms — Meta shares gained 6% after CEO Mark Zuckerberg said Tuesday the social media company plans to cut 10,000 employees. The announcement comes just months after the tech giant announced layoffs off more than 11,000 employees in November.
United Airlines — Shares dropped about 5 after United forecast a first-quarter loss, citing weaker demand than other months, and higher fuel costs. The airline expects an adjusted quarterly loss of between 60 cents and $1 per share, against a previous forecast of adjusted earnings of 50 cents to $1 per share.
First Republic, PacWest Bancorp, Western Alliance Bancorp, Comerica — Regional banks rallied sharply Tuesday after being hit hard last Friday and Monday. Shares of San Francisco-based First Republic rose about 50%, while PacWest jumped more than 60% and Western Alliance Bancorp gained more than 40%. Comerica, KeyCorp and Zions Bancorp all climbed more than 10%. The moves came as several banks reported only modest depositor withdrawals and Ken Griffin's Citadel hedge fund took a large stake in Western Alliance following the failure of Silicon Valley Bank.
Charles Schwab Corp., Morgan Stanley, Wells Fargo — Shares of larger financials were in the green on Tuesday as the entire sector attempted to rebound from the past week's losses. Charles Schwab jumped 9%, Morgan Stanley rose 3% and Wells Fargo
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