Large parts of Silicon Valley Bank will be acquired by First Citizens Bancshares.
David Paul Morris/Bloomberg
Stock futures were rising Monday as investors maintained their focus on turmoil in the banking industry.
These stocks were poised to make moves Monday:
First Citizens Bancshares (FCNCA) was rising 15.2% in premarket trading after agreeing to acquire large parts of Silicon Valley Bank two weeks after its collapse triggered a wave of market turmoil. First Citizens will be buying all of Silicon Valley Bank’s deposits, loans and branches, which will open on Monday under the new ownership, according to the Federal Deposit Insurance Corp. Shares of other regional lenders were rising, with First Republic Bank (FRC) up almost 25%, and PacWest Bancorp (PACW) up 9.5%.
American depositary receipts of Novartis (NVS) rose 6% after the Swiss pharmaceutical company reported positive top-line results from a trial of breast-cancer drug Kisqali. Novartis said Kisqali plus endocrine therapy “significantly reduced the risk of disease recurrence” compared with standard endocrine therapy alone.
Caterpillar (CAT) was down 1.8% after shares of the maker of construction and mining equipment were downgraded to Underperform from Neutral at Baird, the Fly reported.
Salesforce (CRM) was falling 0.2% in premarket trading. The customer-relationship-management software company said activist investor Elliott Investment Management won’t be nominating directors to the company’s board, citing Salesforce
‘s strong earnings and fiscal 2024 “transformation initiatives.”
Iovance Biotherapeutics (IOVA), the cancer-therapy developer, gained 8.9% in premarket trading after saying Friday it completed a rolling biologics license application submission to the Food and Drug Administration for lifileucel, a melanoma therapy.
BioNTech (BNTX) , the German biotechnology company, and Carniva
l (CCL), the cruise ship operator, are scheduled to report quarterly earnings before the stock market opens Monday.
Reports later in the week are expected from Micron Technology (MU), Lululemon Athletica (LULU), Walgreens Boots Alliance (WBA), Paychex (PAYX), EVgo (EVGO) and BlackBerry (BB).
Write to Joe Woelfel at [email protected]
