Pacific Western Bank signage is displayed outside a bank branch in Beverly Hills, California, May 4, 2023.
Patrick T. Fallon | AFP | Getty Images
Find out which companies are making headlines in the midday business.
PacWest Bancorp – Shares rose 14%. The closely watched regional bank sold about $2.6 billion in construction loans to a subsidiary of Kennedy-Wilson Holdings.
DraftKings — Shares of the sports betting platform soared 8% in midday trading. Earlier Monday, UBS updated the stock to buy from neutral on strong growth in new states.
Zions Bancorporation – Banking stock jumped 6.7% after Hovde Group launched coverage of outperforming Zions, with a price target of $40, according to FactSet. That’s about 49% up from Friday’s stock close.
Pfizer – Pfizer shares jumped more than 3% after a peer-reviewed study said an oral weight-loss drug from Pfizer showed similar and faster results than its competitor Ozempic Novo Nordisk.
Metaplatforms – The social media company rose 1.6% to a 52-week high even after the company was fined a record 1.2 billion euros ($1.3 billion) by European privacy regulators for the transfer of user data from the EU to the United States. around 106% this year, buoyed by investor optimism around the artificial intelligence space.
Nike, Foot locker – Shares of Nike were down 2.7% on Monday. Citi added a negative catalyst watch on the sportswear company in a Monday note. The company said Foot Locker’s worse-than-expected earnings report last week signaled trouble ahead for Nike. Meanwhile, Foot Locker shares fell 6%.
Micron Technology — The chip stock fell 2.5% after China’s Cyberspace Administration banned operators of “critical information infrastructure” in that country from buying products from Micron. Beijing said the company posed a “major security risk”.
Catalent – Catalent rebounded to trade 3% higher. The stock was down in premarket trading on Monday. The action comes after JPMorgan Chase downgraded the pharmaceutical stock to neutral from overweight on Friday. The Wall Street firm cited macro headwinds for the rating change.
South Norfolk – Norfolk Southern gained less than 1% during midday trading. Citi upgraded railroad stock to buy from neutral, while Wells Fargo upgraded overweight Norfolk to equal weight.
Apple – Shares of the tech giant fell less than 1% after a downgrade from Loop Capital, which warned that Apple could miss its June quarter revenue forecast. Apple shares are up more than 30% since the start of the year.
Jet Blue Airways, American airlines – Shares of JetBlue Airways and American Airlines fell 1.3% and 2.6%, respectively, after the Justice Department won a lawsuit on Friday to end their partnership in the Northeast, claiming it was anti-competitive.
– CNBC’s Brian Evans, Michelle Fox, Alexander Harring, Hakyung Kim, Yun Li and Jesse Pound contributed reporting.
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