The Western Alliance Bancorporation logo is seen in this photo illustration on March 13, 2023 in Warsaw, Poland.
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Here’s a look at the companies making headlines in Thursday afternoon trading.
Paramount Global – The media stock jumped more than 27% after the company cut its dividend and reported earnings that fell short of analyst expectations. Paramount Global cut its dividend from 24 cents to 5 cents a share, marking its first reduction since 2009.
PacWest, First Horizon, Western Alliance – Regional bank stocks were under heavy pressure again on Thursday. Shares of PacWest fell more than 50% after reports that the company was exploring a possible sale. The company said it is evaluating all options to maximize shareholder value. Shares of First Horizon plunged more than 30% after its merger with TD Bank was called off, with banks citing a lack of clarity on the timeline from regulators. The Western alliance also suffered deep losses, falling more than 40%.
Shopify — The e-commerce platform soared more than 27% after beating expectations for the previous quarter and reporting sales of parts of its fulfillment and logistics division.
Royal Caribbean – The cruise line advanced 6% after the company beat Wall Street expectations for the quarter. Royal Caribbean posted a smaller-than-expected loss in earnings per share. Earnings were slightly higher than analysts had expected. The company also provided guidance for second-quarter and full-year earnings per share, ahead of analyst estimates.
Peloton – shares fell 12% after the connected fitness company reported a loss of 79 cents per share for its fiscal third quarter, beating the 46 cent loss expected by analysts polled by Refinitiv.
Qualcomm — Qualcomm lost more than 6% after sharing weaker-than-expected guidance. The chipmaker reported a 17% decline in handset chip sales as it faced a challenging environment in China and a slow smartphone sales recovery.
Shake Shack – The restaurant chain rose 11.4% after the company’s same-restaurant sales beat Wall Street expectations. Revenue also beat consensus, while the quarterly loss was smaller than expected.
TripAdvisor – Shares fell 8.4%. The company reported a higher-than-expected overall loss due to tax costs related to the IRS settlement. Adjusted quarterly profit came in below expectations, while the company beat consensus estimates for revenue.
Solar Edge Technologies – Solar shares rose 7.6% on earnings and revenue that beat analyst estimates. The company also said supply chain issues have improved somewhat.
Arconic – Shares soared 27.5% on news that industrial parts maker Apollo Global will be acquired for $30 per share in cash.
Wingstop – The restaurant chain lost 4.9%. Despite beating expectations on both lines in the first quarter, Citi downgraded the stock from buy to neutral due to what it considers the company’s overvaluation.
Cemex — Cemex added 1.6% after Goldman Sachs upgraded shares of the concrete and building materials company following its first-quarter results. The Wall Street firm cited Cemex’s strong pricing power.
Procor Technologies – The construction software stock rose 6.6% after Goldman Sachs upgraded it to buy from neutral. The firm cited Procore Technologies’ strong first-quarter earnings, suggesting further upside for the stock.
Blackbot — The nonprofit and education technology company added 2.8% following Baird’s upgrade from neutral to outperform. The company said it is improving its bottom line.
— CNBC’s Michelle Fox, Sarah Min, Samantha Subin and Jesse Pound contributed reporting