By Barbara Kollmeyer Ciara Linnane
Keysight Technologies, Doximity and Kyndryl also active
Here are some of the biggest equity movers on Wednesday:
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.
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.
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(END) Dow Jones Newswires
May 17, 2023 14:26 ET (18:26 GMT)
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