Hot Stocks: JD and U rise on earnings; GT gain after Elliott reported a stake; BYND, PTON and PACW slide
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Major market averages stooped lower during Thursday's midday session after April producer price index grew less than expected and weekly jobless claims rose more than expected.
Tracking individual stocks, JD.com (NASDAQ:JD) and Unity Software (NYSE:U) surged on strong Q1 earnings whereas Beyond Meat (NASDAQ:BYND) fell following its earnings report and the news of a $200M capital raising.
Meanwhile, Goodyear Tire (NASDAQ:GT) shares jumped after activist Elliott reported a stake and plans to appoint five new directors and a review committee to increase margins.
In other news, Peloton Interactive (NASDAQ:PTON) dropped following a significant recall of 2.2M exercise bikes, while PacWest (NASDAQ:PACW) shares dipped after the bank disclosed a fall in deposits during the first week of May.
Gainers
JD.com (JD) shares rose almost 6% following an optimistic Q1 report that included an adjusted EBITDA increase of 56.6% Y/Y. In addition, the company announced a CEO transition. Sandy Xu, the company's current CFO, would succeed Lei Xu as CEO and executive director. Ian Su Shan, the current CFO of JD Logistics, has been named as the company's CFO. 
Unity Software (U) shares jumped over 13% after the company reported better-than-expected Q1 earnings and a raised forecast for FY2023. For FY2023, the company has revised the low end of its outlook, now expecting revenues in the range of $2.08B to $2.2B vs. the consensus of $2.12B, and adjusted EBITDA in the $250M to $300M range. The company stated that it is "committed" to achieving a $1B adjusted EBITDA run rate by the end of next year.
Goodyear Tyre (GT) shares jumped more than 20% after activist investor Elliott Investment Management disclosed a 10% stake and intentions to pursue five board seats as well as the sale of its company-owned store network.
Decliners
Beyond Meat (BYND) shares fell as much as 13% following its first-quarter earnings report and the launch of a $200M "at the market" stock offering to support general corporate and working capital needs.
PacWest (PACW) shares plummeted more than 25% after the bank committed an extra $5.1B in loans to the Federal Reserve Bank in order to facilitate an additional $3.9B in borrowing under its discount window borrowing facility. The regional bank also reported a 9.5% drop in deposits for the week ending May 5.
Peloton Interactive (PTON) declined 8% after the Consumer Product Safety Commission (CPSC) issued a major recall of 2.2M exercise bikes owing to a seat hazard. The recall applies to bikes with the model number PL01 that were sold between 2018 and May of 2023. 
To keep track of Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section.