The Western Alliance Bancorporation logo is seen in this photo illustration on 13 March, 2023 in Warsaw, Poland.
Jaap Arriens | Nurphoto | Getty Images
Check out the companies making headlines in midday trading Thursday.
Paramount Global — The media stock cratered 28.4% after the company slashed its dividend and reported earnings that fell short of analyst expectations. Paramount Global cut is dividend to 5 cents from 24 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 dropped more than 50% after reports that the company was exploring a potential sale. The company said it is evaluating all options to maximize shareholder value. Shares of First Horizon dropped more than 30% after its merger with TD Bank was called off, with the banks citing lack of clarity on a timeline from regulators. Western Alliance also suffered deep losses, falling more than 38%.
Royal Caribbean — The cruise line advanced 7.2% after the company beat Wall Street expectations for the quarter. Royal Caribbean recorded a smaller loss in earnings per share than expected. Revenue was modestly higher than analysts anticipated. The company also gave guidance for second-quarter and full-year earnings per share that was better than analyst estimates.
Peloton — Shares dropped 13.5% after the connected fitness company reported an earnings-per-share loss of 79 cents for its fiscal third quarter, wider than the 46 cents loss expected from analysts polled by Refinitiv.
Qualcomm — Qualcomm lost 5.5% after sharing lighter-than-expected guidance. The chipmaker reported a 17% decline in handset chip sales as it faces a challenging environment and slow smartphone sales recovery in China.
Shake Shack — The restaurant chain jumped 16.6% after the company’s same-restaurant sales beat Wall Street expectations. Revenue also beat consensus, while the quarterly loss was smaller than anticipated.
Tripadvisor — Shares slid 8.6%. The company reported a wider overall loss than expected due to tax expenses related to an IRS settlement. Adjusted quarterly profit was under expectations, while the company did beat the consensus estimate for revenue.
SolarEdge Technologies — The solar stock jumped 6.6% on the back of earnings and revenue that beat analyst forecasts. The company also said supply chain issues have somewhat improved.
Arconic — Shares of surged 28.3% on news that the industrial parts maker would be acquired by Apollo Global for $30 per share in cash.
Wingstop — The restaurant chain lost 4.8%. Despite beating expectations on both lines in the first quarter, Citi downgraded the stock to neutral from buy due to what the firm sees as a high valuation.
Cemex — Cemex added 0.6% after Goldman Sachs upgraded the stock to buy following the concrete and building materials firm’s first-quarter results. The Wall Street firm cited Cemex’s strong pricing power.
Procore Technologies — The construction software stock jumped 6.7% after Goldman Sachs upgraded it to buy from neutral. The firm cited strong first-quarter earnings from Procore Technologies that suggested further upside for the stock.
Blackbaud — The nonprofit and education technology company added 4.1% following an upgrade to outperform from neutral by Baird. The firm said the company is improving its bottom line.
— CNBC’s Michelle Fox, Sarah Min, Samantha Subin and Jesse Pound contributed reporting