Yahoo Finance Credit Suisse, First Republic fall premarket; Lennar rises
By Scott Kanowsky
Investing.com -- Stocks in focus in premarket trade on Wednesday, March 15th. Please refresh for updates.
Shares in U.S. regional banks dropped, paring back gains notched on Tuesday, as a sell-off in European lenders freshened concerns over a potential banking crisis sparked by last week's collapse of Silicon Valley Bank. First Republic Bank (NYSE:FRC), Western Alliance Bancorporation (NYSE:WAL), Comerica Inc (NYSE:CMA), KeyCorp (NYSE:KEY), Zions Bancorporation (NASDAQ:ZION) and PacWest Bancorp (NASDAQ:PACW) all fell. Larger banks, including Bank of America Corp (NYSE:BAC), Wells Fargo &Company (NYSE:WFC) and Morgan Stanley (NYSE:MS) also dipped into the red. U.S.-listed shares in Credit Suisse Group (NYSE:CS) shed more than a fourth of their value and touched a fresh record low after its top stakeholder, Saudi National Bank, ruled out offering more assistance. Apple Inc (NASDAQ:AAPL) shares slipped after key supplier Foxconn (TW:2354) said it plans to rely less on its operations in China in an earnings call. Meta Platforms Inc (NASDAQ:META) shares are lower as the Facebook owner embarks on a new round of layoffs. The dismissals are part of cost-cutting measures planned in Chief Executive Mark Zuckerberg's so-called "year of efficiency." Lennar Corporation (NYSE:LEN) rose after the homebuilder reported better-than-expected top- and bottom-line returns in its fiscal first quarter.
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