Pacific Western Bank’s sign is displayed outside a bank branch in Beverly Hills, California, on May 4, 2023.
Patrick T. Fallon | AFP | Getty Images
Check out the companies making headlines in midday trading.
PacWest Bancorp – Shares up 14%. The closely watched regional bank sold about $2.6 billion worth of construction loans to a unit of Kennedy Wilson Holdings.
Related investment news
draft king — Shares of the sports betting platform surged 8% in midday trading. Earlier on Monday, UBS upgraded the stock to buy from neutral, citing strong growth in NSW.
zion bank corp. — Banks rose 6.7 percent after Hovde Group initiated coverage on Zions with a $40 price target, according to FactSet. That’s about 49% higher than Friday’s close.
Pfizer — Shares of Pfizer surged more than 3% after a peer-reviewed study showed an oral weight-loss drug from Pfizer compared with rival Novo Nordisk’s Ozempic.
meta platform — The social media company rose 1.6 percent to hit a 52-week high despite news that it was fined a record 1.2 billion euros ($1.3 billion) by European privacy regulators for transferring EU user data to the United States. Shares are up about 106% this year, driven by investor optimism about the artificial intelligence space.
nike, locker — Shares of Nike fell 2.7 percent on Monday. Citi added a negative catalyst watch for the athletic apparel company in a report on Monday. Foot Locker’s weaker-than-expected earnings report last week signaled difficulties ahead for Nike, the company said. Shares of Foot Locker, meanwhile, fell 6%.
Micron Technology — Chip stocks fell 2.5% after China’s Cyberspace Administration banned the country’s “critical information infrastructure” operators from buying products from Micron. Beijing said the company posed a “significant security risk”.
Catalent — Catalent rallied to gain 3%. The stock fell in premarket trading on Monday. The move comes after JPMorgan on Friday downgraded the pharma stock to neutral from overweight. The Wall Street firm cited macro headwinds for the rating change.
norfolk south — Norfolk Southern was up less than 1 percent in midday trading. Citi raised its rating on the railroad stock to buy from neutral, while Wells Fargo upgraded Norfolk Rail to overweight from equal weight.
apple — Shares of the tech giant fell less than 1% after a downgrade by Loop Capital, which warned that Apple may miss its revenue forecast for the June quarter. Shares of Apple are up more than 30% year to date.
JetBlue Airways, American airlines — Shares of JetBlue Airways and American Airlines fell 1.3 percent and 2.6 percent, respectively, after the Justice Department on Friday won a lawsuit to end their partnership in the Northeast, saying it was anticompetitive conduct.
— CNBC’s Brian Evans, Michelle Fox, Alexander Harring, Hakyung Kim, Yun Li and Jesse Pound contributed reporting