Stocks on the move: AMC and APE stocks head in opposite directions, while Etsy benefits from upgrade

By Barbara KollmeyerCiara Linnane

Here are the stocks on the move on Tuesday

Here are some of the bigger and more active stocks in premarket trading on Tuesday:

Stock gainers:

Etsy Inc. (ETSY) shares rose 3.6% after Piper Sandler analysts upgraded the e-commerce marketplace to overweight from neutral and said its annual teen survey found it has momentum with the Gen Z consumer.

For more: Teenagers name Etsy a favorite site and analyst promptly upgrades stock to buy

Cardlytics Inc. shares (CDLX) rallied more than 30% after the digital-advertising company boosted its quarterly forecast Cardlytics now expects $63.5 million to $66.5 million in revenue for the first quarter, whereas its prior outlook was for $54.0 million to $63.0 million.

ServiceNow Inc.'s stock (NOW) jumped 3.3% after Baird's Rob Oliver updated the software stock to outperform and said "durable and resilient" growth potential positions the company well for the current climate, according to an analyst.

Stock decliners:

First Republic Bank's stock (FRC) fell 6.4%, after JP Morgan Chase(JPM)CEO Jamie Dimon said the recent blowups of Silicon Valley Bank and Signature Bank have sparked a banking crisis that is not yet over Dimon used his annual letter to shareholders to point out that the current challenges facing the banking system are not as bad as they were in 2008. Zions Bancorp.(ZION)was down 5%.

AMC Entertainment Holdings Inc. (AMC) stock fell 21% after the movie-theater operator said Monday that it has agreed to settle a shareholder lawsuit over a stock conversion The settlement paves the way for AMC to convert its AMC Preferred Equity units into shares of common stock, proceed with a 10-to-1 reverse stock split and raise capital. APE shares are up 20%.

Shares of Virgin Orbit Holdings Inc.(VORB) plunged 21% after the rocket launch provider filed for chapter 11 bankruptcy protection and said it would seek a sale. The company, majority owned by Richard Branson's Virgin Group, said it would lay off most of its staff last week amid an inability to get funding following a failed launch in January. Shares of spaceflight group Virgin Galactic Holdings Inc.(SPCE) fell 10%.

Stratasys Ltd.'s stock (SSYS)fell 3.3% after it said it has received an updated unsolicited non-binding takeover offer from Nano Dimension Ltd. (NNDM) to acquire the shares of Stratasys that it doesn't already own for $20.05 apiece in cash. The company on Monday said that its board unanimously rejected Nano Dimension's prior unsolicited takeout offer, which was for $19.55 a share in cash and made last week.

C3.ai Inc.'s stock (AI) plunged toward its biggest daily decline on record after a short seller publicly accused the software company of accounting and disclosure irregularities Kerrisdale Capital Management -- which has publicly disclosed that its betting that C3 shares will fall in value -- said it sent a letter directly to C3.ai's auditor, Deloitte, to highlight its charge of accounting and disclosure issues. C3 dismissed the allegations.

Microcap VBI Vaccines Inc. shares tumbled 45.8%, after it said it's planning to focus its efforts on hepatitis B, as part of a reorganization that will see it cut operating costs and headcount by 30% to 35% and conduct a reverse stock split. Cambridge, Mass.-based VBI said it would effect a 1-for-30 reverse stock split that will see it trade on a split-adjusted basis on April 12.

-Barbara Kollmeyer

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04-04-23 1514ET

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