Prices at the producer level eased for a 10th month, Disney shares tumbled after weaker results in its streaming service, PacWest shares slide after disclosing that deposits are down. In Washington, President Biden and Speaker of the House McCarthy continue wrangling as the debt ceiling deadline looms. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
the company cited events which followed JPMorgan's acquisition of troubled First Republic Bank.
"This event heightened market and customer fears of additional bank failures, including PacWest. Our stock price declined approximately 41% from $10.15 on April 28, 2023, to $5.96 on May 5, 2023. On the afternoon of May 3, 2023, PacWest was featured prominently in the financial news headlines with reports that PacWest was"exploring all of its options and having talks with potential investors and partners".
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