PacWest, First Horizon, Paramount fall premarket; Shopify, Moderna rise

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Investing.com — Stocks in focus in premarket trade on Thursday, May 4th. Please refresh for updates.

• PacWest Bancorp (NASDAQ:) stock fell 40% after the regional lender confirmed it had been approached by “several potential partners and investors” in a bid to secure a financial lifeline, adding that these discussions are ongoing.

• First Horizon (NYSE:) stock fell 40% after the lender announced that its merger with TD Bank (TSX:), announced in early 2022, would no longer go ahead, with TD having to pay First Horizon $200 million as a result.

• Shopify (NYSE:) stock rose 16.7% after the Canadian e-commerce company estimates for first quarter revenue, adding it would cut 20% of its workforce as part of its cost-cutting plans.

• Moderna (NASDAQ:) stock rose 2.1% after the drugmaker posted a surprise despite waning demand for its COVID vaccines.

• Blackstone (NYSE:) stock fell 0.4% after Reuters reported that the fund manager is weighing options for Dutch merchant bank NIBC, including a possible sale.

• ConocoPhillips (NYSE:) stock rose 0.9% after the U.S. shale producer first quarter profit expectations as sustained fuel demand and tight crude supplies kept oil prices elevated.

• Alibaba (NYSE:) ADRs rose 1.6% after Bloomberg reported the Chinese e-commerce giant’s international online shopping unit is exploring a U.S. initial public offering.

• Shell PLC (NYSE:) ADRs rose 1.6% after the oil major first quarter net profit of just under $10 billion, as strong earnings from fuel trading and higher liquefied natural gas sales offset cooling energy prices.

• Paramount Global (NASDAQ:) stock fell 11.6% after the media company announced disappointing on advertising softness and cut its dividend.

• Peloton (NASDAQ:) stock fell 3.6% after the exercise equipment company a wider-than-expected loss, even as it forecast fourth quarter revenue above estimates.