Movers: AMC Entertainment, Berkshire Hathaway, Occidental Petroleum, PacWest, Viatris

Scott Peters
08 May, 2023
New York City

AMC Entertainment Holdings Inc declined 3.2% to $5.70 after the company said it reached a settlement in a shareholder class action lawsuit against its plan to convert Preferred Equity Units to common stocks.  

The plan was previously approved by shareholders in March. 

Berkshire Hathaway Inc class A share increased 0.5% to $491,840 and Class B share increased  1.3% to $323.88 after the insurance to utilities conglomerate reported its latest quarterly results. 

The rebound in the insurance business lifted its operating earnings by 12%. 

Occidental Petroleum Corporation decreased 1.7% to $59.67 after Warren Buffett said that Berkshire Hathaway is not interested in acquiring the full control of the company. 

Berkshire Hathaway has acquired 23.5% of Occidental Petroleum and has an approval to increase its stake to 50%. 

Regional banks extended gains for the third day in a row. 

PacWest soared about 33.8% to $7.71 following a 81% increase Friday's trading after the regional bank trimmed its dividend to 1 cent a share to shareholders on record on May 15 payable on May 31. 

The company also declared a quarterly cash dividend of 48.45 cents per depositary share on its 7.75% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A. 

The dividend will be payable June 1, 2023 to stockholders of record as of May 15, 2023.

Zions Bancorp increased 8.3% to $25.69 and Western Alliance jumped 14.1% to $30.99.  

Viatris Inc increased 3.4% to $9.60 after the pharmaceutical company reiterated its full-year outlook. 

Total net sales in the first quarter declined 11% to $3.7 billion from $4.2 billion and net income plunged 44% to $224.7 million from $399.2 million and diluted earnings per share decreased to  19 cents from 33 cents a year ago. 

EverQuote Inc decreased 2.5% to $6.42 ahead of the company's earnings release after the bell. 

EverQuote has been under pressure and the stock has plunged more than 55% in the year so far on the worries that the online marketplace for auto insurance may suffer from the lack of consistent profitability at its client companies.