PacWest's stock extended rally helps fuel broad gains in the regional bank sector
Here are some of the more prominent movers on Tuesday:
Lowe's Companies Inc.'s stock (LOW) jumped 1.7% in afternoon trading, after the home improvement retailer beat fiscal first-quarter profit expectations. While same-store sales fell more than forecast, they outperformed rival Home Depot Inc. (HD), and the lowered full-year profit guidance range still bracketed Wall Street projections.
PacWest Bancorp shares (PACW) rose 7%, a day after a 20% rally from selling a discounted portfolio of real estate loans. The extended gains, with the stock up 60% in five days, helped fuel a broad rally in the regional bank sector. The SPDR Regional Banking exchange-traded fund(KRE) climbed 2.0% with 134 of its 143 equity components gaining ground.
Yelp Inc. shares (YELP) surged about 6% after the Wall Street Journal reported an activist investor is calling on the company to consider selling to boost its value.
Shares of Wyndham Hotels & Resorts Inc. (WH) rallied nearly 7% after The Wall Street Journal reported that fellow hotel chain Choice Hotels International Inc. (CHH) was looking to buy the company. Choice Hotels shares slumped 4.6%.
American International Group Inc. shares (AIG) hiked up 4.2%, after the insurer announced an agreement to sell its treaty reinsurance business to RenaissanceRe Holdings Ltd. for $2.74 billion in cash and $250 million worth of RenaissanceRe shares. That helped lift RenaissanceRe's stock (RNR) by 4.1%.
Tegna Inc.'s stock (TGNA) tacked on nearly 3% after the TV-station operator announced a $300 million "accelerated" stock buyback and raised its quarterly dividend by 20% following the termination of a merger deal with the hedge fund Standard General.
Shares of BJ's Wholesale Club Holdings Inc. (BJ) dropped nearly 8% after the membership-based warehouse retailer reported fiscal first-quarter profit that matched expectations but revenue that missed.
Zoom Video Communications Inc.'s stock(ZM) took a 7.5% hit, reversing an initial 5% jump after hours Monday, as the videoconferencing company topped Wall Street expectations across the board on results and forecasts
U.S. Foods Holdings Corp.'s stock (USFD) sank nearly 4% after the foodservice distributor said shareholder KKR Fresh Holdings LP was offering 17.4 million shares for sale.
Lordstown Motors Corp. shares (RIDE) slumped more than 5% after the electric vehicle maker declared a 1-for-15 reverse stock split, that will be effective May 24.
Shutterstock Inc. shares (SSTK) fell 1.4% after the the digital media and marketing company announced an agreement to buy GIF and stickers company Giphy Inc. from Meta Platforms Inc. for $53 million in cash. Meta's stock (META) eased 0.4%.
Achieve Life Sciences Inc.'s stock (ACHV) plunged 26%, as investors expressed disappointing in the data that came from a second confirmatory late-stage trial of its cytisinicline for quitting smoking and nicotine dependence.
Guardant Health(GH) shares fell 2.2% after the cancer testing company announced a secondary offering of its stock.
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May 23, 2023 15:22 ET (19:22 GMT)
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