July 14, 2024
J&J firmer on hopes for talc deal, but Western Alliance Bancorp slides as regional bank fears revive

J&J firmer on hopes for talc deal, but Western Alliance Bancorp slides as regional bank fears revive

Here are some of the biggest movers on Wednesday, with Johnson & Johnson firmer but C3.ai extending recent losses.

Stock gainers:

  • Johnson & Johnson JNJ, +1.05% shares were adding 3% in premarket action after the company announced a nearly $9 billion settlement over claims that its talcum powder causes cancer.
  • Shares in coffee retailer Dutch Bros BROS, +0.56% rose 3% after Wedbush raised the stock from neutral to outperform. Analysts said they believe the company’s adjusted EBITDA guidance is conservative.

Stock decliners:

  • Western Alliance Bancorp WAL, -3.76% shares were down more than 5% as the regional banking sector again comes under pressure following downbeat comments from JP Morgan CEO Jamie Dimon.
  • C3.ai AI, -26.34% stock was down 3%, adding to Tuesday’s 26% slump, after short selling firm Kerrisdale Capital published a letter to the artificial intelligence software company’s auditors alleging a series of accounting irregularities, including that it is overstating revenue and margins.
  • Walmart WMT, -0.98% fell 1% after the retailer said it expects adjusted earnings per share of $5.90 to $6.05 for its full fiscal 2024, set to end in January. However, this is lower than the FactSet-compiled analyst estimate of $6.11.

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