Stocks making the biggest premarket moves: PacWest, Disney, Robinhood and more

In the financial markets, PacWest stock experienced a 20% drop as the regional bank reported a 9.5% decrease in deposits for the week ended May 5. PacWest confirmed access to $15 billion in available liquidity if necessary. This news impacted other regional bank stocks, with Western Alliance and First Horizon both seeing declines of 7.3% and 3.2%, respectively.

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The media company Disney saw a decline of over 5% in its stock value. While losses for the streaming business improved, Disney reported a decrease in streaming subscribers. The company's revenue and profit were mostly in line with Wall Street's expectations.

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Robinhood's shares increased by more than 4% as the retail brokerage reported a revenue beat, with $441 million in the first quarter, surpassing analyst estimates of $425 million. Additionally, Robinhood showed growth in monthly users, which reached 11.8 million.

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Shares of Unity Software rose by over 9% after the video game software developer exceeded revenue expectations for the recent quarter and raised its full-year revenue outlook.

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On the other hand, Sonos stock lost nearly 24% as the home sound systems maker reported a wider-than-expected loss for the recent quarter and cut its outlook for the second half of the 2023 fiscal year due to a softening demand environment.

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Tapestry, the American luxury fashion company behind Coach and Kate Spade, saw its stock rise by 10% after exceeding analysts' third-quarter expectations. Tapestry reported adjusted earnings of 78 cents per share and posted revenue of $1.51 billion, both exceeding consensus estimates. The company also raised its full-year guidance, which was better than analysts had expected.

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AppLovin shares soared more than 16% in premarket trading following the company's first-quarter revenue and second-quarter guidance beat after the bell Wednesday. The company reported revenue of $715.4 million, surpassing the $694.8 million expected from analysts polled by StreetAccount. AppLovin guided for $710 million-$730 million for the second quarter, topping the $695.7 million expected.

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Despite a better-than-expected quarterly report, shares of Beyond Meat, the alternative meat manufacturer, fell more than 2%. Beyond Meat reported a loss of 92 cents per share and $92.2 million in revenue, both exceeding analysts' expectations.

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Shares of Chinese e-commerce giant JD.com advanced more than 3% after the company reported stronger-than-expected earnings and revenue for the first quarter of the year, according to FactSet. JD also announced some leadership changes, with CEO Lei Xu stepping down and being replaced by chief financial officer Sandy Ran Xu.

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Alcoa shares added 1.4% before the bell as Credit Suisse upgraded the aluminum producer to outperform. Analysts cited a recovery in aluminum prices and a move beyond Alcoa's operational problems as reasons for the upgrade.

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Lastly, the transportation stock Norfolk Southern rose nearly 2% in premarket trading as JPMorgan upgraded shares to overweight. The Wall Street firm noted that Norfolk Southern shares trade at a discount to some peers and that operations should improve as the company moves past its recent derailment issues.

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