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
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
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
rose 9%, a day after a 20% rally from selling a discounted portfolio of real estate loans. Stock decliners: Guardant Health
shares fell 7% after the cancer testing company announced a secondary offering of its stock.  Shares of RenaissanceRe Holdings Ltd.
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’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
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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