First Republic sinks after JPMorgan takeover, while Norwegian Cruise, Lordstown Motors and SoFi shares are also on the move
By Barbara KollmeyerCiara Linnane
SoFI Technologies climbs on earnings beat
These were the some of the most active stocks on Monday:
Stock gainers:
Shares of JPMorgan Chase & Co.(JPM) rose 3% after winning a deal to take over First Republic Bank. The Wall Street bank said it expected the deal to be modestly earnings per share accretive
Shares of Iveric Bio Inc.(ISEE) jumped 14% after Japan's Astellas Pharma Inc. said it would acquire the biopharmaceutical company for about $5.9 billion, or $40 per share in cash, a nearly 22% premium to Friday's closing price of $32.89 per share.
(ON) stock jumped 6% after the automotive chip company topped expectations for its latest quarter and gave an upbeat outlook.
Li Auto Inc. stock (LI) is up 0.3% after strong April delivery numbers from the Chinese EV maker.
Shares of Norwegian Cruise Line Holdings Ltd.(NCLH) rose 5.7% after the cruise operator reported forecast-beating first-quarter results and gave an upbeat outlookRoyal Caribbean (RCL) and
FuelCell Energy Inc.'s stock (FCEL) soared 15% after the maker of fuel cell technology platforms said it received an order from Exxon Mobil Corp. (XOM) for carbon capture technology and support.
ZillowGroup Inc.'s stock (Z) rose 1.3% after Bernstein analyst Nikhil Devnani upgraded the stock to market perform from underperform and said the first quarter could mark a bottom for the stock.
Stock decliners:
Shares of First Republic Bank(FRC) tumbled 45% before being full halted, after JPMorgan won an auction to take over the failed regional bank. The regional bank's failure is the fourth this year. PNC Financial Services Group, which was competing with JPMorgan for First Republic, fell 5%.
Shares of SoFi Technologies Inc.(SOFI) reversed early gains to trade down almost 8% after the financial-services company breezed past earnings expectations for its latest quarter, noting continued strength in personal lending.
Meme stock TOP Financial Group Ltd.(TOP) sank 33% after the Hong Kong-based broker soared to a record high last week. There was no apparent news for that surge.
Global Payments Inc.'s stock (GPN)slid 6% after the payment-technology company said Chief Executive Jeff Sloan plans to step down from his role on June 1.
Stock of Chinese EV maker and Li Auto rival XPeng Inc.(XPEV) fell 1.5% after its delivery numbers.
-Barbara Kollmeyer
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May 01, 2023 14:55 ET (18:55 GMT)
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