Stocks were trading mostly lower Thursday as investors digested further data that pointed to a slowing of U.S. inflation.
These stocks were making moves Thursday:
PacWest Bancorp
(ticker: PACW) fell 19% after the regional bank said deposits fell 9.5% last week. It said the majority of that decline occurred on May 4 and May 5, after news reports said PacWest was exploring all of its options and holding talks with potential investors and partners.
Goodyear Tire & Rubber
(GT) soared 19% after Elliott Investment Management, which has a roughly 10% economic interest in the tire maker, sent a letter and presentation to the company’s board intended “to outline the right path forward to create value at Goodyear and realize its full potential.”
Walt Disney
(DIS) reported fiscal second-quarter earnings and sales that matched Wall Street estimates but the stock was falling 8.8% after a surprise decline in
Disney
+ subscribers. The media giant said Disney+ subscribers in the period were 157.8 million, below analysts’ estimates of 163.5 million and down 2% from the first quarter.
Alphabet
(GOOGL) gained 4.7% following the search giant’s unveiling of a series of generative AI features. “We believe the presentation largely quelled near-term investor angst over the lack of AI innovation vs. MSFT/OpenAI,” analysts at Oppenheimer , led by Jason Helfstein, wrote in a research note. The stock has risen the last two days, gaining 9.3% over the period, according to Dow Jones Market Data.
ImmunityBio
(IBRX) shares plummeted 57% after the immunotherapy company said it received “a complete response letter’ from the Food and Drug Administration regarding its biologics license application for Anktiva, a treatment for bladder cancer. “The letter indicated that the FDA had determined that it cannot approve the BLA in its present form,” according to a filing.
Applovin
(APP), which makes tools for app developers to improve marketing and revenue generation, said it expects second-quarter revenue of $710 million to $730 million, higher than analysts’ predictions of $695.7 million. The stock jumped 25%.
Sonos
(SONO) sank 24% after the maker of audio products slashed guidance for fiscal 2023, with CEO Patrick Spence saying the company was reducing “expectations for the second half of fiscal 2023 due to softening consumer demand and channel partner inventory tightening.”
Groupon
(GRPN) tumbled 18% after the internet-deals site posted disappointing results for its first quarter and said there was “substantial doubt about our ability to continue as a going concern.”
Beyond Meat
‘s (BYND) losses in the first quarter narrowed and while revenue declined at the plant-based meat company sales topped forecasts. The company also issued full-year revenue guidance of $375 million to $415 million vs. expectations of $390.1 million. The stock fell 17%.
Unity Software
(U) reported a first-quarter loss that was narrower than analysts expected and its revenue forecast for the second quarter exceeded estimates. Shares rose 13%.
Write to Joe Woelfel at [email protected]
Read the full article here
