PacWest leads regional bank rally. Berkshire Hathaway, Dish, AMC, Tyson and other stocks on the move.
By Ciara Linnane
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Here are some stocks that were among the more active and more prominent movers early Monday.
Stock gainers:
PacWest Bancorp.'s stock (PACW) rose 5%, in a continued positive response to the news it was reducing its dividend. The Beverly Hills, Calif.-based lender said current economic uncertainty, recent volatility in the banking sector and potential changes in regulatory capital requirements drove the move.
Other regional bank stocks rose in sympathy. Western Alliance Bancorp.'s stock (WAL) was up 2% and Zions Bancorp(ZION) was up 3.74%.
Shares of Zscaler Inc.(ZS) were rocketing 22% after the cybersecurity company said that it expects to report better-than-expected results for its just-completed quarter.
Six Flags Entertainment Corp.'s stock (SIX) rose 21% after first-quarter earnings beat expectations. Attendance slipped but spending by theme park guests increased, the company noted.
Berkshire Hathaway Inc.'s Class A stock (BRKA) was up 1.3% after Warren Buffett's company said its first-quarter profits soared along with the paper value of its investment portfolio.
Immuron Ltd.'s stock (IMC.AU) powered up 35% toward a one-year high, after the Australia-based biopharmaceutical company said the U.S. Food and Administration has removed a clinical hold on the Investigational New Drug (IND) application for its diarrhea treatment.
BioNTEch SE's stock (BNTX) rose 1%, after the German biotech posted far stronger-than-expected first-quarter earnings, even as profit and revenue tumbled on lower demand for its COVID vaccine co-developed with Pfizer Inc. (PFE)
PayPal Holdings Inc.'s stock (PYPL) was up 1.1% ahead of first-quarter earnings later Monday.
American Airlines Group Inc.'s stock (AAL) was up 4% after J.P. Morgan turned bullish, as part of an airline sector rating reshuffling that now favors the Big 3 legacy carriers with more international over the domestic-focused discount airlines.
Shares of Hilton Grand Vacations Inc. (HGV) climbed 3.5%, after the timeshare company approved a new $500 million share repurchase program. The new two-year program will kick off once the previous $500 million program, which has $83 million remaining at the end of April, is completed.
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Dish Network Corp. shares (DISH) rose 2%, even after the telecommunications company posted a larger revenue decline for the first quarter than analysts were anticipating.
Stock decliners:
AMC Entertainment Inc.'s stock (AMC) fell 1% after the meme stock company said it has reached an agreement to settle a court fight with shareholders concerning a proposed stock conversion of its APE preferred equity units into common stock.
Occidental Petroleum Corp.'s stock (OXY) fell 2% after Warren Buffett said that Berkshire Hathaway doesn't plan on taking full control of Occidental Petroleum, dismissing speculation that it would.
Tyson Foods Inc.'s stock (TSN) slid 16% after the meat producer swung to a surprise loss in its fiscal second quarter and offered guidance that lagged estimates.
-Ciara Linnane
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May 08, 2023 12:33 ET (16:33 GMT)
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