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Today is Thursday, May 4, 2023.
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This Bank Might Collapse Next
The future of PacWest Bancorp (Nasdaq: PACW) might be uncertain, a report claims, sending shares of the bank down 52.49% in after-hours trading on Wednesday.
Details: According to a Bloomberg report, PacWest is teetering and weighing several strategic options, including a sale. No formal auction process has started, but the bank is working with a financial adviser. PacWest did not comment on the report.
Background: Several other regional banks have collapsed in recent months, sending shockwaves throughout the industry. The most recent collapse was earlier this week.
Final Thoughts: Before Thursday’s report, PacWest was already down 71% in 2023. It’s a bad time for investors in regional banks.
Notables
Notable Earnings Today: Apple (Nasdaq: AAPL), Datadog (Nadaq: DDOG), Anheuser-Busch InBev (NYSE: BUD), Shopify (NYSE: SHOP), Moderna (Nasdaq: MRNA), Block (NYSE: SQ), Royal Caribbean (NYSE: RCL), Coinbase Global (Nasdaq: COIN), Peloton Interactive (Nasdaq: PTON), DraftKings (Nasdaq: DKNG), Novo Nordisk (NYSE: NVO), Lyft (Nasdaq: LYFT), ConocoPhillips (NYSE: COP), Fortinet (Nasdaq: FTNT), Carvana (NYSE: CVNA), Carlyle Group (Nasdaq: CG), Atlassian (Nasdaq: TEAM), Booking Holdings (Nasdaq: BKNG), Arconic (NYSE: ARNC), ACCO Brands (NYSE: ACCO), ACI Worldwide (Nasdaq: ACIW), ATI (NYSE: ATI), American Electric (Nasdaq: AEP), American Homes 4 Rent (NYSE: AMH), American International Group (NYSE: AIG), ArcelorMittal (NYSE: MT), Ball Corp (NYSE: BALL), Bausch Health (NYSE: BHC), Becton Dickinson (NYSE: BDX), BorgWarner (NYSE: BWA), Bumble (Nasdaq: BMBL), Cardinal Health (NYSE: CAH), Cars.com (NYSE: CARS), Cirrus Logic (Nasdaq: CRUS), Cohu (Nasdaq: COHU), Constellation Energy (Nasdaq: CEG), DoorDash (NYSE: DASH), Dropbox (Nasdaq: DBX), El Pollo Loco (Nasdaq: LOCO), Expedia Group (Nasdaq: EXPE), Ferrari (NYSE: RACE), Floor & Deco (NYSE: FND), Funko (Nasdaq: FNKO), GoDaddy (NYSE: GDDY), Green Plains (Nasdaq: GPRE), Huntington Ingalls (NYSE: HII), Hyatt Hotel (NYSE: H), InterDigital (Nasdaq: IDCC), Iron Mountain (NYSE: IRM), ITT (NYSE: ITT), Kellogg (NYSE: K), Lamar Advertising (Nasdaq: LAMR), Magellan Midstream (NYSE: MMP), Martin Marietta (NYSE: MLM), MasTec (NYSE: MTZ), Mettler-Toledo (NYSE: MTD), Microchip Technology (Nasdaq: MCHP), Monster Beverage (Nasdaq: MNST), Motorola Solutions (NYSE: MSI), Northern Oil & Gas (NYSE: NOG), Organon (NYSE: OGN), Papa John's (Nasdaq: PZZA), Paramount Global (Nasdaq: PARA), Parker-Hannifin (NYSE: PH), PENN Entertainment (Nasdaq: PENN), PG&E (NYSE: PCG), Physicians Realty Trust (NYSE: DOC), Planet Fitness (NYSE: PLNT), Portillo's (Nasdaq: PTLO), Quanta Services (NYSE: PWR), Regeneron Pharmaceuticals (Nasdaq: REGN), Rocket Companies (NYSE: RKT), Ryan Specialty Group (NYSE: RYAN), Sally Beauty (NYSE: SBH), Shake Shack (NYSE: SHAK), Stanley Black & Decker (NYSE: SWK), Starwood Property Trust (NYSE: STWD), Texas Roadhouse (Nasdaq: TXRH), Vulcan Materials (NYSE: VMC), Wayfair (NYSE: W), Wesco (NYSE: WCC), Westlake (NYSE: WLK), WestRock (NYSE: WRK), Wheaton Precious Metals (NYSE:WPM), WideOpenWest (NYSE: WOW), WW (Nasdaq: WW), XPO (NYSE: XPO), Yelp (NYSE: YELP), Zoetis (NYSE: ZTS).
Notable IPOs Today: N/A.
Notable Equity Crowdfunding Campaigns Ending Today: DRONEDEK (StartEngine).
Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), Trade Balance / Exports / Imports (8:30 a.m. ET), Unit Labor Costs (8:30 a.m. ET).
Qualcomm’s “Challenging Environment”
Photo by Alexandre Debiève / Unsplash
Qualcomm (Nasdaq: QCOM) posted better-than-expected financial earnings on Wednesday but its future guidance was lower than expected, causing shares to drop by 6.50% in after-hours trading.
Details: Revenue dropped 17%, including a 17% drop for handsets and a 24% decline for IoT. Cristiano Amon, president and CEO of Qualcomm, said this is a “challenging environment.”
Final Thoughts: Qualcomm’s stock is up 5% this year, but these declining sales could linger.
Etsy Jumps Due to Good Results
Etsy (Nasdaq: ETSY) posted good financial results, and shares ticked up by 2.97% in Wednesday’s after-hours trading.
Final Thoughts: The stock is down 12% in 2023, and Etsy wants to turn that around.
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Trends to Watch
A New Phase: Fed raises rates, opens door to pause in tightening cycle (Reuters)
Tripped: TripAdvisor stock tumbles as losses accelerate alongside sales (Seeking Alpha)
Home Sweet Home: Zillow’s revenue falls nearly 90%, but the stock is still headed higher after earnings — here’s why (MarketWatch)
Bad for Banks, Good for Crypto: Bitcoin Rises as Latest Teetering U.S. Bank Sends Traders to Crypto Haven (CoinDesk)
It’s About Time: FDA approves first vaccine for RSV, a moment six decades in the making (CNN)
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