Netflix, PacWest stocks rally while P&G and Target shares fall, and other stocks on the move

By MarketWatch

PacWest Bancorp's stock rallies to lead the gainers in the SPDR S&P Regional Banking ETF's gainers, despite seeing its credit downgraded to 'junk' at Fitch

Here are some of the bigger stock movers on Thursday:

Stock gainers:

Netflix Inc.'s stock (NFLX) charged more than 9% toward its highest close in more than a year, in the wake of the streaming video giant's announcement that it has nearly 5 million monthly active users on its ad-supported tier.

PacWest Bancorp shares (PACW) rose 6.5%, extending Wednesday's 22% surge, and enough to pace the SPDR S&P Regional Banking exchange-traded fund's (KRE) advancers. The shares were also the regional bank ETF's (KRE) most active, with 39.3 million shares trades. The rally comes even after Fitch Ratings cut the bank's credit rating to "junk" status.

Among the KRE's other biggest gainers, shares of Eagle Bancorp Inc. (EGBN) climbed 5.7% and of Dime Community Bancshares (DCOM) tacked on 3.7%, while Live Oak Bancshares Inc.'s (LOB) stock fell 3.8% to lead the losers.

Bath & Body Works Inc. shares (BBWI) shot up about 9% after the retailer of fragrances for the body and home posted better-than-expected first-quarter earnings and raised its profit guidance.

Walmart Inc. shares (WMT) jumped 1.4%, but had been up as much as 3.2% earlier in the sessions, after discount retail behemoth beat fiscal first-quarter profit expectations and raised its full-year outlook, while providing a downbeat second-quarter outlook.

Take-Two Interactive Software Inc.shares (TTWO) surged more than 13% in afternoon trading. The videogame publisher's weak outlook for the current year, and focus on coming unidentified blockbusters next year all but pointed to the next iteration of "Grand Theft Auto" some time next year

Snowflake Inc. shares (SNOW) jumped more than 5% after The Information reported that the software company was in advanced talks to buy Neeva, a search startup with an artificial-intelligence (AI) focus.

Micron Technology Inc. shares (MU) rose nearly 4% as Bloomberg News reported it is expected to get about $1.5 billion in financial incentives from the Japanese government to help build advanced memory chips.

Palantir Technologies Inc. shares (PLTR) powered 14% higher after Cathie Wood's Ark Investment disclosed the purchase of 1.26 million shares.

TuSimple Holdings Inc. shares ran up 16% after the autonomous trucking company approved another restructuring plan that would lead to an additional 300 employees losing their jobs.

Stock decliners:

Cisco Systems Inc.'s stock (CSCO) fell more than 4% intraday, before recovering to trade little changed in afternoon trading, after the networking giant beat expectations for quarterly profit and sales in a report, but executives did not increase their top target for annual revenue and revealed that orders declined again

Procter & Gamble Co. shares (PG) shed more than 2% to pace the Dow Jones Industrial Average's decliners, after analyst Bill Chappell at Truist downgraded the branded consumer products company, saying that while the company was operating at the highest level in the 20 years he's been covering the company, investors may have already shown the stock "too much love."

Target Corp.'s stock (TGT) dropped nearly 5%, enough to pace the S&P 500's decliners, after the discount retailer was one-upped by rival Walmart's full-year earnings outlook.

Bowlero Corp.'s stock (BOWL) tumbled 18% after the bowling-center operator reported a wider-than-expected third-quarter loss.

Shares of Boot Barn Holdings Inc.(BOOT) dropped 11% after the retailer posted mixed quarterly results and a drop in same-store sales

Shares of Canada Goose Holdings Inc. (GOOS.T) sank 13%, reversing an earlier gain of as much as 11%, after the luxury outdoor apparel company reported better-than-expected fourth-quarter profit but provided guidance for the current quarter that was below forecasts.

-MarketWatch

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05-18-23 1509ET

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