Movers: Ferrari, First Horizon, PacWest Bancorp, Paramount Global, Peloton Interactive, Shopify

Scott Peters
04 May, 2023
New York City

PacWest Bancorp tanked 56.8% to $2.77 on the report that the company is looking for capital infusion, merger partner or the sale of the bank. 

Zions Bancorp dropped 13.9% to $19.51 and Western Alliance declined 38.5% to $18.05. 

First Horizon Crop plunged 37.6% to $9.42 after Canada-based TB Bank terminated its merger plan on the regulatory delay worries. 

Peloton Interactive Inc declined 13.7% to $7.62 after the company reported wider-than-expected loss. 

Total revenues declined 22% to 748.9 million from $964.3 million and net loss shrank 64% to $275.9 million from $757.1 million and diluted loss per share fell to 79 cents from $2.27 a year ago. 

Shopify Inc soared 27.9% to $59.16 after the e-commerce platform operator reported better-than-expected earnings. 

The Canada-based company also announced its plan to lay off 20% of its staff. 

Revenue in the first quarter increased 25% to $1.5 billion from $1.2 billion and the company swung to net income of $68 million from a loss of $1.5 billion and diluted earnings per share was 5 cents compared to ($1.17) a year ago. 

Gross merchandise volume increased 15% or $6.4 billion from a year ago to $49.6 billion, up 18% on a constant currency basis.

Gross payments volume expanded to $27.5 billion, representing 56% of GMV processed in the  quarter, compared to $22.0 billion or 51% in the first quarter of 2022.

Paramount Global Class A plunged 23.4% to $19.81 after the parent of Paramount Pictures and CBS network reported weaker-than-expected earnings. 

The company also slashed its dividend to 5 cents from 24 cents per common stock as the company "moves toward streaming profitability."

Revenue in its film studio division declined 6% and television and cable properties including MTV and Comedy Central fell 8% to $5.2 billion. 

Paramount said revenue in its streaming service unit, which includes Paramount+ and Pluto TV, rose 39% to $1.5 billion but losses expanded to $511 million from $456 million in the previous year. 

Ferrari NV increased 5.3% to $292.28 $292.28 after the luxury automaker reported solid quarterly results. 

Revenue in the first quarter increased 20% to Є1.4 billion from Є1.2 billion and net income jumped Є297 million from Є239 million and diluted earnings per share increased to Є1.62 from Є1.29 a year ago. 

Total vehicle shipments increased 9.7% to 3,567 from 3,251 a year ago driven by 46% surge in the Americas to 962, 12% decline to 1,534 in the EMEA region, and 39% in the China region to 396 and 19% rise to 675 in the rest of the APAC region.