Stock fell Thursday as turmoil with regional lenders ballooned following the Federal Reserve’s 10th straight latest interest-rate hike.
These stocks were making moves Thursday:
PacWest Bancorp
(ticker: PACW) was dropping 45%. The bank issued a statement saying that deposits were rising and that it was in ongoing discussions with partners and investors. The stock fell more than 50% in after-hours trading Wednesday following a report that said the regional lender was considering strategic options, including a sale. Fellow regional bank
Western Alliance
(WAL) was down 22%. It also released a press release which said that it wasn’t experiencing “unusual deposit flows.”
First Horizon
(FHN) was dropping 36% after its merger agreement with
Toronto-Dominion Bank
(TD) was mutually terminated. The banks said TD doesn’t have a timetable for regulatory approval of the deal and because there is “uncertainty as to when and if these regulatory approvals can be obtained, the parties mutually agreed to terminate the merger agreement.”
Arconic
(ARNC) soared 28% after the aluminum products maker agreed to be bought by
Apollo Global Management
(APO) for $30 a share in cash.
Apollo
stock fell 2.3%.
Shopify
(SHOP) gained 26% after the e-commerce company said it was selling off its logistics business, will be cutting 20% of its workforce, and posted an unexpected profit in its first quarter.
Paramount Global
(PARA) shed 25% after the mass media company reported first-quarter earnings and revenue that missed expectations and cut its dividend.
Synaptics
(SYNA), the chip maker, said it expects its fiscal fourth-quarter revenue to decline sequentially, and that it has begun to “implement spending controls” as “customer forecasts are being moderated in response to the current economic slowdown.” The stock fell 20%.
Wayfair
(W) climbed 19% after the online marketplace for furniture reported a narrower-than-expected first-quarter loss and said it would be profitable as soon as this quarter.
SolarEdge Technologies
(SEDG) was rising 10% after the maker of inverters and software for solar energy reported first-quarter profit higher than estimates and said it sees “supply-chain challenges gradually improving.” Sunrun (RUN), the country’s largest rooftop solar company, installed more solar power than expected in the first quarter.
Sunrun
shares were down 8.2% after the company said sales in the period rose 20% and orders jumped by 30%.
Planet Fitness
(PLNT) shares lost 12% after the gym franchise posted worse-than-expected adjusted earnings for its first quarter.
Tripadvisor
(TRIP) shares tumbled 10% after the online travel company’s first-quarter loss widened from a year earlier. The loss of $73 million included a $55 million tax expense.
Qualcomm
(QCOM) was down 6.9% after the chip maker issued a revenue forecast for the fiscal third quarter that was below analysts’ expectations. Qualcomm cited softening demand for smartphones and a challenging macro environment.
Zillow
(Z) shares climbed 9% to $46.16 after BofA analysts raised their price target on the stock to $55 from $54, a day after the online real estate company posted first-quarter revenue that beat expectations.
Apple
‘s (AAPL) earnings report will be the highlight following the close of trading Thursday. Also reporting after the closing bell will be
Coinbase
(COIN),
Block
(SQ),
Carvana
(CVNA),
DraftKings
(DKNG), and
Lyft
(LYFT).
Write to Joe Woelfel at [email protected]
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