Movers: Citizens Financial, FedEx, Hershey, J&J, Mondelez, Western Alliance, WWE

Scott Peters
05 Apr, 2023
New York City

Johnson & Johnson increased 3.7% to $164.03 after the pharmaceutical company settled a lawsuit alleging the company's talc products caused cancer. 

Johnson & Johnson agreed to pay $8.9 billion over the next 25 years. 

The company's subsidiary LTL Management LLC refiled its voluntary Chapter 11 bankruptcy protection to obtain reorganization plan to pay global claimants. 

 The company agreed to pay a present value of up to $8.9 billion to pay for all current and future claims, a substantial increase from the $2 billion committed to the initial bankruptcy filing in October 2021. 

FedEx Corp increased 2.8% to $235.25 after the parcel delivery company increased its annual dividend by 10% to 44 cents to $5.04 a share in fiscal 2024.  

The delivery company estimated savings of at least $4.0 billion in fiscal year 2025 because of the reorganization plan that will include consolidation of different divisions and refocusing executive compensation packages.  

Western Alliance Bancorporation dropped 16.5% to $27.83 after the regional bank said in its quarterly update the share of insured deposits increased to 68% of total deposits by the end of March. 

However, the bank did not specify its total deposit which was $53.6 billion with $29.5 billion uninsured deposits at the end of December. 

"As of quarter-end, the bank had no borrowings outstanding from the Federal Reserve’s discount window after balance sheet repositioning.

Western Alliance expects its CET1 ratio to be materially consistent with year-end 2022," the bank said in the statement released Thursday. 

Citizens Financial Group declined 2.2% to $28.54 following another down day in regional bank stocks. 

Cautious investors continued to bid up stocks of food processors. 

Hershey Co  increased 0.5% to $259.52 and Mondelez International Inc advanced 1.3% to $71.44. 

Hershey Co traded at a 52-year high and Mondelez traded at a record high since its separation from Kraft in October 2012. 

World Wrestling Entertainment, Inc increased 1.04% to $98.24 after investors backed its plan to merge with UFC announced this week.