Check out the companies making headlines before the bell on Tuesday.

First Republic Bank — The San Francisco-based regional bank plunged after it said Monday that deposits fell by 40% to $104.5 billion during the first quarter, which came out worse than Wall Street’s expectations. First Republic said that its deposit flows have since stabilized. The stock was down nearly 22% in early morning trading and has declined by 86.6% so far this year. On Tuesday, Janney downgraded First Republic to sell from neutral and lowered its price target on the stock to $8 from $10, implying a 50% downside from Monday’s closing price.

UPS — UPS shares fell 1.6%after the shipping giant reported quarterly results that missed analyst expectations. The company earned an adjusted $2.20 per share on revenue of $22.93 billion. Analysts expected earnings of $2.21 per share on revenue of $23.01 billion, according to Refinitiv.

3M — The industrial stock added 1.3% before the opening bell. 3M reported $1.97 in earnings per share, higher than analysts expectations of $1.58 from FactSet. The Minnesota-based company announced it would cut about 6,000 positions globally in efforts to focus on high-growth markets such as automotive electrification and home improvement, while prioritizing emerging growth areas such as climate technology and semiconductors.

McDonald’s — Shares advanced less than 1% after the company beat Wall Street expectations for the first quarter. The company reported $2.63 in adjusted earnings per share on $5.9 billion in revenue. Analysts polled by Refinitiv expected $2.33 in per-share earnings and $5.59 billion in revenue. The stock was recently up 9.8%.

General Motors — Shares gained 2.1% after General Motors raised its key guidance for 2023 and reported first-quarter earnings that beat Wall Street’s top- and bottom-line forecasts. The company reported $39.99 billion in revenue, higher than $38.96 billion according to Refinitiv data. Adjusted earnings came in at $2.21 per share, above the consensus estimate of $1.73. General Motors and Samsung SDI are also expected to announce as early as Tuesday that they plan to build a joint battery manufacturing plant in the U.S.

JetBlue — The stock popped more than 2.3% in the premarket after the airline forecasted a “solidly profitable” second quarter due to strong travel demand. For the first quarter, JetBlue posted a 34 cents loss, less than the 39 cents expected, per Refinitiv.

Packaging Corp of America — Shares fell 6.8% after the company reported an adjusted profit per share of $2.20, which came in below a StreetAccount forecast of $2.27 per share. The company’s second-quarter guidance also missed expectations.

Novartis — Shares of the pharmaceutical company added more than 3% after it raised its full-year earnings outlook, saying it expects sales to grow by mid-single digits. Novartis reported earnings per share of $1.71 on $12.95 billion in revenue, topping analysts’ expectations of $1.54 per share on $12.52 billion in revenue.

PepsiCo — Shares of the beverage and snacks giant climbed nearly 1.6% in premarket trading after it posted earnings and revenue that topped Wall Street’s expectations. PepsiCo also raised its outlook on the full year. The company said first-quarter revenue totaled $17.85 billion, surpassing the $17.22 billion consensus estimate of analysts polled by Refinitiv. PepsiCo reported earnings per share of $1.50, topping analysts’ expectations of $1.39.

— CNBC’s un Li, YAlex Harring, Michelle Fox Theobald and Tanaya Macheel contributed reporting.