Investing.com -- Stocks were falling on Thursday as concerns about the banking system spread clouds over optimism that the Federal Reserve might be nearing the end of its interest rate hiking. Here are the market movers for May 4.
- PacWest Bancorp (NASDAQ:PACW)shares were down 39% after it sought to reassure the market by saying its deposits were rising from the end of March. Bank stocks in general were under pressure on Thursday. First Horizon National Corporation (NYSE:FHN) shares fell 33% after it called off its $13.4 billion merger with Toronto-Dominion Bank.
- Paramount Global Class B (NASDAQ:PARA)shares were down 25% after it missed expectations for earnings and revenue and cut its dividend.
- Shopify Inc (NYSE:SHOP)shares were up 24% after the e-commerce business said it was selling its logistics operations and cutting 20% of its workforce after reporting a surprise profit.
- Planet Fitness Inc (NYSE:PLNT)shares fell 15% after the gym operator reported worse than expected revenue and adjusted earnings in the recent quarter.
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Peloton Interactive Inc (NASDAQ:PTON) shares fell 13% after the exercise equipment and technology provider reported a wider than expected loss and smaller than forecast margin, though it reported 3.11 million connected fitness subscribers, beating expectations.