Midday movers: Western Alliance Bancorp, Tesla, Target and more
Investing.com -- Stocks were rising on Wednesday over optimism that a deal on the debt ceiling would get done to help the U.S. avoid a potential default. Here are the market movers for May 17.
- Western Alliance Bancorporation (NYSE: WAL) shares rose 13.8% after the regional lender said deposits continued to grow in May, up about $2 billion as of May 12, as the banking sector tries to put the recent turmoil behind it. Shares of other regionals also rose, with Zions Bancorporation (NASDAQ: ZION) up 11.4% while PacWest Bancorp (NASDAQ: PACW) shares rose 21%.
- Tesla Inc (NASDAQ: TSLA) shares rose 4.2% after CEO Elon Musk told shareholders at the annual meeting on Tuesday that he was going to stick around at the helm of the electric vehicle maker. Tesla also plans to start advertising, a reversal of course as Musk once said it didn't need to run ads because demand exceeded supply.
- Target Corporation (NYSE: TGT) shares rose 2.6% after the retailer beat expectations in the first quarter despite signs of sales weakness. Same store sales rose just 0.7%, and the retailer said consumers are buying fewer discretionary items because inflation is making them spend more money on household staples.
- Evgo Inc (NASDAQ: EVGO) shares dropped 17.8% after the maker of electric charging stations said it was raising $125 million in a new stock sale. EVgo's sales are expected to double this year amid big demand to build out the nation's EV charging network.
Kyndryl Holdings Inc (NYSE: KD) shares fell 9.6% after the IBM (NYSE: IBM) spinoff, which specializes in data centers, forecast a possible fall in fiscal year 2024 revenue of 6% to 8%, which would be below expectations.