Disney, PacWest stocks fall, Robinhood, JD.com shares gain, and other stocks on the move

By MarketWatch

Disney's first-quarter results disappoint, Robinhood results beats expectations

Here are some of the bigger movers in afternoon trading:

Stock gainers:

Unity Software Inc.'s stock (U) jumped more than 12% in afternoon trading Thursday, following a strong forecast for the videogame-software company. Rival Applovin Corp.(APP) also saw its stock increase after its earnings report, by 25%.

Robinhood Markets Inc.(HOOD) shares rose more than 4%, after the trading app reported better-than-expected first-quarter results and said it planned to launch a service next week that will allow users to trade individual stocks 24 hours a day, five days a week.

Shares of Tapestry Inc. (TPR) rallied more than 10%, after the Coach, Kate Spade and Stuart Weitzman parent reported fiscal third-quarter results that beat expectations and raised its full-year outlook.

JD.com Inc.'s stock (JD) jumped 6% after the China-based e-commerce company reported a big first-quarter profit beat, and provided an "encouraging" outlook. The rally gave a boost to other China-based companies, as the U.S.-listed shares of Alibaba Group Holdings Inc. (9988.HK) hiked up 6.2% and Nio Inc. (NIO) advanced 2.8%.

Stock decliners:

Walt Disney Co.(DIS) shares dove 9%, after the company revealed that Disney+ subscribers declined in the first three months of the year and Chief Executive Robert Iger laid out a refreshed streaming strategy.

PacWest Bancorp shares (PACW) tumbled more than 20% after the troubled regional bank disclosed the loss of 9.5% of its deposits during the week ended May.

Icahn Enterprises LP's stock (IEP) slipped 1%, to pare an earlier loss of as much as 6.7%, after short-seller Hindenburg Research issued another report, saying disclosures made Wednesday by billionaire Carl Icahn's investing arm raise even more questions about margin loans.

ImmunityBio Inc. shares (IBRX) plummeted 56.4% after the immunotherapy company received a "complete response letter" from the U.S. Food and Drug Administration, which puts the Biologics License Application (BLA) for the company's bladder cancer treatment on hold.

Shares of Sonos Inc.(SONO) tumbled 24% Thursday after the maker of audio equipment cut its guidance for the year, thanks to "softening demand."

Beyond Meat Inc.(BYND)posted better-than-expected quarterly sales and full-year revenue guidance on Wednesday, but shares sank 17% after initially rallying in Wednesday's extended session. The plant-based meat maker had struggled the last few quarters as the faux meat market loses favor with some consumers.

-MarketWatch

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05-11-23 1341ET

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