Hot Stocks: AMZN rises on new ECHO launch; ICPT falls on FDA comment; WAL leads the regional bank rally; EVGO down on equity raise; TSLA gains
Darren415
Major market indices rose during intraday session on Wednesday after President Joe Biden and senior Republican in Congress Kevin McCarthy announced they will go on with talks to extend the nation's $31.4 trillion debt ceiling and prevent an economically catastrophic default.
In terms of individual stock action, Tesla (NASDAQ:TSLA) shares increased following the company's annual shareholder meeting on Tuesday, while Amazon (NASDAQ:AMZN) stock increased following the introduction of four new Echo products.
Meanwhile, Western Alliance Bancorporation (NYSE:WAL) has led the rise among regional banks, with deposits increasing by more than $2 billion since the start of Q2.
In other news, Intercept Pharmaceuticals (NASDAQ:ICPT) shares plunged after FDA commented on NASH therapy while EVgo (NASDAQ:EVGO) declined on equity raise.
Gainers
Tesla (TSLA) shares rose almost 4% after CEO Elon Musk stated that the company's much-anticipated first Cybertrucks will be delivered this year. He also claimed that Tesla (TSLA) will experiment with media advertising, shattering the company's non-traditional advertising record.
Amazon (AMZN) shares increased roughly 1.3% after the company introduced four new Echo devices, including two new versions of its Echo smart speakers.
In the meantime, regional bank stocks edged higher after Western Alliance (WAL) deposit growth surpassed $2B as of May 12, increasing $200K since the May 11 update. Western Alliance (WAL) +14%; PacWest Bancorp (PACW) +9.4%; Metropolitan Bank Holding (MCB)+7.8%;KeyCorp (KEY) +4.2%, New York Community Bancorp (NYCB) +4.4%, Comerica (CMA) +3.2%, Truist Financial (TFC) +2.5%, Huntington Bancshares (HBAN) +2.3%.
Decliners
Intercept Pharmaceuticals (ICPT) stock fell more than 19% after the FDA provided briefing documents ahead of a meeting of the company's independent advisors, scheduled later this week to review the company's liver disease candidate Obeticholic Acid (OCA) for nonalcoholic steatohepatitis (NASH).
EVgo (EVGO) stock fell as much as 19% after the company launched $125M of Class A common stock offering. Net proceeds from the offering will be used for general corporate purposes.
To keep track of Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section.