Midday movers: PacWest Bancorp, Walt Disney, Sonos and more

  • Investing.com
  • Stock Market News
Midday movers: PacWest Bancorp, Walt Disney, Sonos and more
Credit: © Reuters.

Investing.com -- Stocks were wobbling after disappointing streaming subscriber numbers at Walt Disney and amid renewed weakness in bank stocks. Here are the market movers for May 11.

  • PacWest Bancorp (NASDAQ: PACW ) shares fell 20% after it disclosed in a securities filing that it lost 9.5% of its deposits in the May 5 week. Western Alliance Bancorporation (NYSE: WAL ) shares rose 3% after it said it was gaining deposits since the end of the first quarter.
  • Walt Disney Company (NYSE: DIS ) shares fell more than 8% after fiscal second-quarter earnings that showed streaming subscribers dropped four million during the period and fell below analysts' expectations. Revenue overall rose 13% in the quarter.
  • Sonos Inc (NASDAQ: SONO ) shares fell 24% after the maker of audio equipment said it was cutting expectations for the second half of fiscal 2023 because of weakening consumer demand and inventory tightening.
  • Beyond Meat Inc (NASDAQ: BYND ) shares fell 17% after the fake meat maker reported narrower losses in the first quarter . Full-year guidance was given in a range of $375M to $415M, while analysts are expecting $390M.
  • Applovin Corp (NASDAQ: APP ) shares jumped 22% after the maker of marketing tools for app developers said it expects higher than anticipated second-quarter revenue of $710M to $730M.

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