Coinbase's stock tumbles after SEC warning, Regeneron shares rally, and other stocks on the move
By Barbara Kollmeyer
First Republic Bank won't pay bonuses to executive officers this year, and Chewy's stock falls after earnings report
Here are some of the more active stocks in Thursday afternoon trading, a day after sharp losses on Wall Street that followed the Federal Reserve's latest interest-rate hike.
Stock gainers:
Regeneron Pharmaceuticals Inc.'s(REGN) stock was climbing 7% in afternoon trading after the biotech company and partner Sanofi SA(SAN.FR) reported a positive late-stage study of their anti-inflammatory drug Dupixent for chronic obstructive pulmonary disease (COPD). The stock was on track to close at a new all-time high, according to Dow Jones Market Data.
Netflix Inc.(NFLX) shares were leading a rally in streaming names Thursday and were also leading S&P 500 gainers. Netflix's stock was up 9%, while shares of Walt Disney Co.(DIS), Roku Inc.(ROKU) and Paramount Global(PARA) were each up just under 2%.
Accenture PLC(ACN) shares were rising nearly 8% after the management consultant reported forecast-beating profit and revenue, along with record bookings. Accenture plans to lay off 19,000 employees.
Marvell Technology Inc.'s(MRVL) stock was leading a sharp rally in chip names. Marvell's stock was up nearly 7%, while Micron Technology Inc.'s (MU) was up almost 6%. Shares of chip-equipment companies Applied Materials Inc.(AMAT), ASML Holding (ASML.AE) and Lam Research Corp.(LRCX) were each up at least 4%.
Shares of Generation Bio Inc.(GBIO) were surging nearly 25% in afternoon action after the company announced it would collaborate with Moderna Inc.(MRNA)on the development of novel nucleic acid therapeutics.
Shares of Snap Inc.(SNAP) and Meta Platforms Inc.(META) were both rising about 3% as lawmakers grilled TikTok's CEO.
General Mills Inc.(GIS) shares were heading 3% higher after the cereal maker upped the high end of its organic net sales forecast for the year.
Stock fallers:
Coinbase Global Inc.(COIN) shares were declining 14% in afternoon activity after the crypto exchange disclosed a warning from the Securities and Exchange Commission that it may have broken securities laws One analyst called the notice an "ominous" sign.
Block Inc. (SQ) shares were also falling 14% after a short seller named the payments company its latest target.
Chewy Inc.'s (CHWY) stock was falling nearly 9% after the online retailer of pet food and related products reported a surprise holiday profit but fewer active customers, and forecast no profit growth.
First Republic Bank(FRC) shares were declining 6% in afternoon trading, while fellow lender PacWest Bancorp's(PACW) stock was off 8%, a day after Treasury Secretary Janet Yellen said no blanket deposit guarantee was being weighed. Meanwhile, First Republic said it won't pay bonuses to executives this year.
-Barbara Kollmeyer
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March 23, 2023 13:56 ET (17:56 GMT)
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