Comerica leads S&P 500 gainers in regional-bank rally, Target gains and other stocks on the move
By Barbara Kollmeyer Ciara Linnane
Keysight Technologies, Doximity and Kyndryl also active
Here are some of the biggest equity movers on Wednesday:
Stock gainers:
Comerica Inc.'s stock (CMA) rose 11.5% to lead S&P 500 gainers, caught up in a regional-bank stock rally spurred by Western Alliance Bancorp.'s announcement that its deposits grew to about $50 billion by May 12 from $47.6 billion as of March 31. Western Alliance was up 13.6%.
PacWest Bancorp.(PACW) was up 22%, while Zion's Bancorp.(ZION) was up 11.9%. PNC Financial Services Group Inc.'s(ZION) gain of 6.4% ranks as its largest move up in a single day since Nov. 9, 2020, when it rose by 11.6%.
Major banks were higher after Pfizer Inc.'s$31 billion debt offering spurred hopes for a recovery in fee-based underwriting activity. Bank of America Corp.(BAC) jumped 4.6%, Citigroup Inc.(C) was up 3.6%, Goldman Sachs(GS) rose 2.6% and JP Morgan Chase(JPM) was up 3.1%. All were joint lead managers and joint book-running managers on the megadeal.
Keysight Technologies Inc. (KEYS) shares are up 8% after the electronic design and test solutions company's results and outlook topped Wall Street expectations.
Manchester United Ltd. stock (MANU) rose 1% after Sheikh Jassim Bin Hamad Al Thani on Tuesday made an improved bid for the iconic English football club.
Tesla Inc. shares (TSLA) rose 4.5% after CEO Elon Musk late Tuesday teased new products, said he would not step down soon and predicted an improving economic environment after a coming "year of difficulty" for the global economy.
Target Corp.'s stock (TGT) rose 2.5% after it reported fiscal first-quarter results that beat expectations and reiterated its full-year outlook, but provided a downbeat second-quarter profit view due to "softening sales trends."
See also: Target battling inventory 'shrink' caused by theft and organized retail crime, says CEO
Virgin Galactic Holdings Inc.'s stock (SPCE) rose 6%, after the company said the flight window for its Unity 25 mission will open on May 25 The mission will be Virgin Galactic's first fully-crewed spaceflight since July 2021, when VSS Unity carried founder Sir Richard Branson and three company employees to space.
Stock decliners:
WeWork Inc.'s stock (WE)fell 16.8% to a record low of 29 cents, after the office-sharing company announced the imminent departure of its chief executive, garnering a downgrade from Mizuho.
Container Store Group Inc. (TCS) shares fell 7% after the company said it expects sales to worsen even as rival Bed Bath and Beyond Inc. shuts its doors.
TJX Cos.' stock (TJX) edged down 0.3%, after the discount retailer and parent to T.J. Maxx, Marmaxx, HomeGoods and Marshalls stores posted better-than-expected fiscal first-quarter profit and raised its full-year guidance, but also reported a revenue miss
Shares of physician cloud-software provider Doximity Inc. (DOCS) are down 3% after the company's revenue forecast for the current quarter came in below the consensus of Wall Street analysts.
Kyndryl Holdings Inc. (KD) shares fell 10% after the managed infrastructure-service business spun off from International Business Machines Corp. (IBM)forecast revenue below Wall Street expectations.
-Barbara Kollmeyer
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May 17, 2023 14:26 ET (18:26 GMT)
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