Movers: Cvent, DoorDash, GitLab, First Republic Bank, Lyft, Uber Technologies

Scott Peters
14 Mar, 2023
New York City

Regional banks rebounded a day after several regional banks fell between 30% and 60%. 

First Republic Bank jumped 54% to $48.01, Western Alliance Bancorp rebounded 38.9% to $36.05 and KeyCorp advanced 11.5% to $11.25. 

Stocks of order delivery firms and ride-sharing companies jumped after a California appeals court permitted companies to classify their drivers as independent contractors and not employees. 

Uber Technologies Inc gained 6% to $32.72, Lyft Inc increased 5.6% to $8.90 and DoorDash Inc advanced 6.8% to $57.47. 

Credit Suisse AG declined 2% to $2.22 after the Swiss bank said it has discovered "material weakness" in its financial reporting processes. 

United Airlines Holdings Inc decreased 4.7% to $46.52 after the airline forecasted first quarter loss citing higher fuel costs and weaker demand growth. 

The international airline estimated adjusted loss in the range of 60 cents and $1.0 compared to its previous estimate of a profit between 50 cents and $1.0.

Cvent Holding Corp jumped 12.3% to $8.30 after the event technology firm agreed to be acquired by Blackstone controlled private equity funds for $8.50 a share or $4.6 billion of enterprise value.   

GitLab Inc plunged 32.6% to $30.71 after the cloud computing software company estimated sharply lower revenue in 2024. 

The software services provider estimated revenue to fall between $529 million and $533 million in 2024. 

Revenue in the fourth quarter increased 58% to $122.9 million from $77.8 million and loss attributable to shareholders fell to $38.7 million from $45.8 million and diluted loss per share shrank to 26 cents to 32 cents a year ago.