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PacWest, First Horizon, Paramount fall premarket; Shopify, Moderna rise

Investing.com
·2 min read

Investing.com -- Stocks in focus in premarket trade on Thursday, May 4th. Please refresh for updates.

PacWest Bancorp (NASDAQ:PACW) stock fell 40% after the regional lender confirmed it had been approached by "several potential partners and investors" in a bid to secure a financial lifeline, adding that these discussions are ongoing.

First Horizon (NYSE:FHN) stock fell 40% after the lender announced that its merger with TD Bank (TSX:TD), announced in early 2022, would no longer go ahead, with TD having to pay First Horizon $200 million as a result.

Shopify (NYSE:SHOP) stock rose 16.7% after the Canadian e-commerce company beat estimates for first quarter revenue, adding it would cut 20% of its workforce as part of its cost-cutting plans.

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Moderna (NASDAQ:MRNA) stock rose 2.1% after the drugmaker posted a surprise quarterly profit despite waning demand for its COVID vaccines.

Blackstone (NYSE:BX) stock fell 0.4% after Reuters reported that the fund manager is weighing options for Dutch merchant bank NIBC, including a possible sale.

ConocoPhillips (NYSE:COP) stock rose 0.9% after the U.S. shale producer beat first quarter profit expectations as sustained fuel demand and tight crude supplies kept oil prices elevated.

Alibaba (NYSE:BABA) ADRs rose 1.6% after Bloomberg reported the Chinese e-commerce giant’s international online shopping unit is exploring a U.S. initial public offering.

Shell PLC (NYSE:SHEL) ADRs rose 1.6% after the oil major posted first quarter net profit of just under $10 billion, as strong earnings from fuel trading and higher liquefied natural gas sales offset cooling energy prices.

Paramount Global (NASDAQ:PARAA) stock fell 11.6% after the media company announced disappointing quarterly earnings on advertising softness and cut its dividend.

Peloton (NASDAQ:PTON) stock fell 3.6% after the exercise equipment company posted a wider-than-expected loss, even as it forecast fourth quarter revenue above estimates.

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