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Midday movers: PacWest Bancorp, Walt Disney, Sonos and more

Investing.com -- Stocks were wobbling after disappointing streaming subscriber numbers at Walt Disney and amid renewed weakness in bank stocks. Here are the market movers for May 11.

  • PacWest Bancorp (NASDAQ:PACW) shares fell 20% after it disclosed in a securities filing that it lost 9.5% of its deposits in the May 5 week. Western Alliance Bancorporation (NYSE:WAL) shares rose 3% after it said it was gaining deposits since the end of the first quarter.
  • Walt Disney Company (NYSE:DIS) shares fell more than 8% after fiscal second-quarter earnings that showed streaming subscribers dropped four million during the period and fell below analysts' expectations. Revenue overall rose 13% in the quarter.
  • Sonos Inc (NASDAQ:SONO) shares fell 24% after the maker of audio equipment said it was cutting expectations for the second half of fiscal 2023 because of weakening consumer demand and inventory tightening.
  • Beyond Meat Inc (NASDAQ:BYND) shares fell 17% after the fake meat maker reported narrower losses in the first quarter. Full-year guidance was given in a range of $375M to $415M, while analysts are expecting $390M.

  • Applovin Corp (NASDAQ:APP) shares jumped 22% after the maker of marketing tools for app developers said it expects higher than anticipated second-quarter revenue of $710M to $730M.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.