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Tesla and Netflix stocks fall, Western Alliance shares surge, and other stocks on the move

By Jamie ChisholmCiara Linnane

Travelers' stock jumps to pace the Dow's gainers after earnings

Here are some of the biggest movers on Wednesday, as the first quarter earnings season moves on but revived inflation concerns hit stocks.

Stock gainers:

Western Alliance Bancorp stock (WAL) rallied nearly 20% after the regional lender said late Tuesday that deposits had grown $2 billion in the first two weeks of April after declining 11.3% to $47.6 billion in the first quarter.

The rally helped provide a boost to other regional banks, with the SPDR S&P Regional Banking exchange-traded fund rising 1.7%. Among the ETF's more-active components, shares of First Republic Bank(FRC) climbed 3.7%, PacWest Bancorp(PACW) advanced 7.5%, and Zions Bancorporation(ZION) gained 4.5%.

Intuitive Surgical Inc. shares (ISRG) rose more than 12% after the surgical robotics company's quarterly results, released after Tuesday's closing bell, topped Wall Street estimates.

Travelers Cos. Inc. shares (TRV) climbed nearly 7%, enough to pace the Dow Jones Industrial Average's gainers, after the insurer beat earnings estimates for the first quarter.

Abbott Laboratories' stock (ABT) soared 8% after the diagnostics and medical device company beat earnings estimates for the first quarter. A slump in sales of COVID tests was offset by a renewed interest in personal health that has patients returning to their doctors for tests and medical procedures.

Bed Bath & Beyond Inc.'s stock (BBBY) soared 43% as shares of the troubled home-goods retailer extended their meme-like bounce to a third straight session. A three-day win streak would be the longest such streak since the four-day stretch that ended Jan. 12, 2023.

United Airlines Holdings Inc.'s stock (UAL) rose 6%, after the carrier forecast second-quarter and full-year per-share profit that were well above expectations, buoyed by continued strong travel demand around the globe.

Baker Hughes Co.'s stock (BKR) rose 2.9% after first-quarter profit and revenue rose above expectations, amid strength in its oilfield services and equipment business.

Stock decliners:Tesla Inc. stock (TSLA) dipped 1.2% after the electric vehicle maker made another round of price cuts on its cars ahead of earnings due after Wednesday's closing bell.

Netflix Inc. shares (NFLX) fell about 3.6% after the after the streaming giant late on Tuesday posted weaker subscriber growth and forecast a smaller profit than Wall Street expected.

Morgan Stanley stock (MS)was off its early lows but down 0.1%, after it said it has built up its piggy bank to protect against losses in commercial real estate and other business lines. The news came in first-quarter earnings that topped estimates.

CDW Corp. shares (CDW) tumbled 14% after the IT software provider forecast revenue below the analysts' consensus because of cautious business spending.

Lithia Motors Inc.'s stock (LAD) shed 7% after the auto retailer missed first-quarter profit and revenue expectations, as profit per vehicle sold dropped 18%.

-Jamie Chisholm

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

04-19-23 1424ET

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