Stocks making the biggest moves premarket: Coinbase, AMC, Chewy, First Republic and more

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Check out the companies making headlines in premarket trading.

Coinbase — Shares of the cryptocurrency trading app dropped more than 11% in premarket trading after Coinbase received a Wells notice from the Securities and Exchange Commission. Oppenheimer also downgraded the stock to perform from outperform, citing the Wells notice and concerns over blockchain development in the U.S. The Biden administration also criticized the overall digital asset sector. Jefferies and Key Banc also raised concerns surrounding Coinbase.

First Republic, PacWest — The two regional banks traded higher coming off Wednesday's selloff. First Republic advanced 5.6% after losing 15.5% in Wednesday's session. PacWest added 4.7%, regaining some ground following Wednesday's 17.1% drop.

Regions Financial — Shares of the regional bank edged 1.3% higher in premarket trading. Regions slid more than 6% on Wednesday after the Fed's decision to increase benchmark interest rates by 25 basis points and on comments from Chair Jerome Powell that the banking system is well equipped and safe.

Chewy — Shares of the pet products e-commerce company fell more than 5% despite Chewy beating estimates on the top and bottom lines for the fourth quarter. The company reported earnings of 1 cent per share on $2.71 billion of revenue. Analysts surveyed by Refinitiv had penciled in a loss of 11 cents per share on $2.64 billion of revenue. However, the company's active users metric was marginally lower year over year.

AMC — The movie theater giant gained 2.5%. The advance in AMC stock comes despite Citi resuming coverage of the company with a sell rating, citing an overvalued common equity. A day earlier, fellow meme stock GameStop soared.

Carvana — Carvana