Midday movers: PacWest Bancorp, Walt Disney, Sonos and more
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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U.S. stocks mixed at close of trade; Dow Jones Industrial Average down 0.66%