Movers & Shakers: Urban Outfitters rallies on results, while PacWest gains on real-estate unit sale and other stocks on the move

by | May 24, 2023 | Stock Market

Here are some of the bigger stock movers on Wednesday’s: Stock gainers: Shares of Urban Outfitters Inc.
jumped 16% in midday trading after the retailer reported better-than-expected quarterly profit and sales in its first quarter.

Kohl’s Corp.‘s stock
leapt more than 8% after the department-store chain reported a surprise fiscal first-quarter profit, even as sales fell a bit below forecasts. Abercrombie & Fitch Co. shares
rocketed 26%, after the specialty apparel and accessories retailer reported a surprise fiscal first-quarter profit, amid strength in its Abercrombie brand. Palo Alto Networks Inc. shares
rose 9% after the cybersecurity company turned in another beat-and-raise quarter and its CEO Nikesh Arora forecast the software industry would be transformed by AI over the next 12 to 24 months. Stock decliners: Shares of Petco Health & Wellness Co. Inc.
tumbled 19% after the pet food and health products company beat first-quarter profit and revenue expectations, but only maintained its full-year outlook as it continues to see uncertainty in the discretionary environment. Children’s Place Inc.’s stock
plunged 20% after the kids apparel retailer posted a wider-than-expected first-quarter loss and sales that lagged estimates. Agilent Technologies Inc.‘s stock
sank 8% after the lab-equipment maker cut its full-year outlook to reflect “increased market uncertainties.“ PacWest Bancorp shares
fell 1.6%, reversing an earlier intraday gain of as much as 3.3%, after the Beverly Hills, Calif.-based regional bank said it will sell its real-estate lending arm to Roc360 for an unspecified sum, as the beleaguered regional bank moves to refocus on its core business. The stock’s decline was part of a broader pullback in the regional bank sector, as the SPDR S&P Regional Ba …

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