Movers & Shakers: Yelp shares rally on report activist investor wants sale, while PacWest stock climbs for second day

by | May 23, 2023 | Stock Market

Here are some of the biggest movers of the day: Stock gainers: Yelp Inc. shares
YELP,
-0.67%
surged about 14% in premarket trade after the Wall Street Journal reported an activist investor is calling on the company to consider selling to boost its value.

Tegna Inc.’s stock
TGNA,
-2.78%
rose 2% after the TV-station operator announced a $300 million “accelerated” stock buyback and raised its quarterly dividend by 20% following the termination of a merger deal with the hedge fund Standard General. PacWest Bancorp shares
PACW,
+19.55%
rose 9%, a day after a 20% rally from selling a discounted portfolio of real estate loans. Stock decliners: Guardant Health
GH,
+2.46%
shares fell 7% after the cancer testing company announced a secondary offering of its stock.  Shares of RenaissanceRe Holdings Ltd.
RNR,
-4.94%
dropped nearly 4% in the extended session Monday after the reinsurer said late Monday it has agreed to buy American International Group Inc.’s
AIG,
+0.20%
AIG’s reinsurance businesses, which includes Validus Reinsurance Ltd. and subsidiaries as well as managed funds, for $2.985 billion. Zoom Video Communications Inc.’s stock
ZM,
+2.94%
slipped 1% in premarket trade, following an initial 5% jump after hours Monday as the videoconferencing company topped Wall Street expectations across the board on results and forecasts.

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