Stocks making the biggest moves midday: Peloton, Beyond Meat, Alphabet, PacWest & more
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Check out the companies making the biggest moves midday:
Peloton — The fitness platform operator saw shares drop 8.7% after the U.S. Consumer Product Safety Commission said it's recalling more than 2 million bikes over concerns about seat breakages and related injuries. Peloton will offer free, updated seat posts to anyone using the recalled model.
Alphabet — Shares added 5.1% a day after Google unveiled new software and gadgets at its developer conference. The tech giant also said it is eliminating the waitlist for its chatbot Bard.
PacWest Bancorp — The regional bank's stock sank 25% after the company said deposits dropped 9.5% for the week ended May 5. Other regional bank shares followed suit, with Western Alliance and First Horizon shedding 7.3% and 3.2%, respectively.
Beyond Meat — Shares tumbled 13.4% after the alternative meat manufacturer said it plans to sell up to $200 million of its common stock. The company said it intends to use the proceeds for general corporate and working capital purposes. The announcement came after Beyond Meat reported a first-quarter earnings-per-share loss that was less than expected.
Disney — Disney shares tumbled 8% after the media company reported a drop in streaming subscribers. The entertainment giant also reported revenue and earnings in line with Wall Street's estimates, according to Refinitiv.
Icahn Enterprises — Shares of Carl Icahn's conglomerate slid another 4.5% after notable short seller Hindenburg Research doubled down on its short-selling campaign against the company following its quarterly report. Icahn Enterprises reported a net loss of $270 million in the first quarter, with its hedge fund losing 4.1% during the period. It declared a $2 per share
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