Pacific Western Bank signage is displayed in front of a bank branch on May 4, 2023 in Beverly Hills, California.
Patrick T Fallon | AFP | Getty Images
Check out the companies making headlines in midday trading.
PacWest Bancorp – Shares up 19.6%. The closely watched regional bank sold about $2.6 billion worth of construction loans to a Kennedy-Wilson Holdings subsidiary.
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DraftKings – Shares of the sports betting platform were up 4.6% in midday trade. Earlier Monday, UBS upgraded the stock from neutral to buy on strong growth in the new states.
Zion’s Ban Corporation – According to FactSet, bank stock rose 4.9% after Hovde Group began reporting Zions on Outperform with a $40 price target. That’s up about 49% from Friday’s close.
Pfizer — Pfizer shares rose more than 5.4% after a peer-reviewed study found an oral weight-loss drug by Pfizer showed similar and faster results than competitor Novo Nordisk’s Ozempic.
metaplatforms – The social media company rose 1.1% to hit a 52-week high, despite news that the company was fined a record £1.2 billion by European privacy regulators for transferring EU user data to the US euros (1.3 billion US dollars). The stock has gained around 106% this year, buoyed by investor optimism in the artificial intelligence space.
Nike, Foot Locker – Nike shares fell nearly 4% on Monday. Citi added a negative catalyst observation for the sportswear company in a note Monday. The company said last week’s worse-than-expected earnings report from Foot Locker was a sign of trouble ahead for Nike. Meanwhile, Foot Locker shares fell 8.5%.
Micron technology — Chip shares fell about 2.9% after China’s Cyberspace Authority banned “critical information infrastructure” operators in that country from buying Micron products. Beijing said the company posed a “major security risk.”
catalent – Catalent rallied, trading up 0.9%. The stock fell in premarket trading on Monday. The action comes after JPMorgan Chase downgraded the pharmaceutical stock to neutral from overweight on Friday. The Wall Street company cited macroeconomic headwinds for the rating change.
Norfolk South – Norfolk Southern gained 0.2% in midday trade. Citi upgraded the railroad stock to buy from neutral, while Wells Fargo upgraded Norfolk to overweight from equal weight.
Apple – Shares of the tech giant fell 0.5% after a downgrade from Loop Capital, which warned Apple could miss its June-quarter revenue guidance. Apple’s shares are up more than 30% year-to-date.
JetBlue Airways, American Airlines — Shares of JetBlue Airways and American Airlines fell 2.1% and nearly 3%, respectively, after the Justice Department on Friday won a lawsuit to end their partnership in the Northeast on grounds that it was anticompetitive.
— CNBC’s Brian Evans, Michelle Fox, Alexander Harring, Hakyung Kim, Yun Li and Jesse Pound contributed coverage.
https://www.cnbc.com/2023/05/22/stocks-moving-big-midday-pacw-dkng-pfe-fl.html
