Movers & Shakers: PacWest slump tanks banks but investors are thirsty for Lemonade, and other big movers premarket

by | May 4, 2023 | Stock Market

These were the some of the most active stocks on Thursday: Stock gainers: Lemonade Inc.’s stock
surged 13% in the premarket Thursday after the online insurance provider’s results and outlook, delivered after-hours on Wednesday, came in better than expected.

Zillow Group Inc.‘s shares
rose nearly 5% after the company reported first-quarter earnings that topped Wall Street views despite an uncertain residential real-estate environment. Stock decliners: Shares of PacWest Bancorp
and Western Alliance Bancorp
tanked 40% and 19%, respectively, in the premarket Thursday after a report said that PacWest is weighing its options following the collapse of First Republic bank this week and of other regional banks recently. Qualcomm Inc.‘s
stock sank as much as 7% after the chip maker’s forecast fell short of Wall Street expectations on weaker-than-expected handset sales that are pushing inventory drawdowns, that were initially expected to last until June, out for “at least the next couple quarters.” Shares of Synaptics Inc.
tanked more than 17% early Thursday after the maker of human- interface hardware and software such as touchpads called for a weaker current quarter due to “the current economic slowdown.” Upwork Inc. shares
retreated 13% in the premarket Thursday after the freelancing platform reported a better-than-expected first quarter but cut guidance due to the economy and “related trends to our business.”

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