Tesla, Target, Western Alliance, EVgo, Wynn, and More Stock Market Movers

Tesla
(TSLA) rose 4.4% after CEO Elon Musk told shareholders at the electric-vehicle maker’s annual meeting the company would try running some advertisements. Musk had said in the past that
Tesla
didn’t need to advertise as demand always exceeded supply. Musk also said he planned to remain as the company’s chief executive, and teased two new Tesla models.

Target
(TGT) reported first-quarter adjusted earnings of $2.05 a share, beating Wall Street estimates of $1.77. Same-store sales in the period also beat estimates, rising 0.7%. The retailer warned of slower sales trends for the current quarter. The stock rose 2.6%.

TJX Cos.
(TJX) posted first-quarter earnings that beat analysts’ estimates but issued downbeat guidance for the fiscal year. The stock gained 0.9%.

Kyndryl Holdings
(KD), the IBM spinoff that runs IT data centers and provides other related services for large technology buyers, said it expects fiscal 2024 revenue to fall 6% to 8%, which implies revenue of $16 billion to $16.4 billion, which is below analysts’ expectations. Kyndryl shares fell 13%.

Western Alliance Bancorp.
(WAL) rose 10% after disclosing that quarter-to-date deposits exceeded $2 billion as of May 12. That is up from $1.8 billion in deposit growth as of May 9. Deposit levels at regional banks have been under market scrutiny in the past few months following the collapse of Silicon Valley Bank. Fellow regional banks, Comerica (CMA), up 12%, and
Zions Bancorp
(ZION), up 12%, were leading gainers in the
S&P 500.

EVgo
(EVGO) fell 19% to $4.66 after saying it has begun an underwritten public offering of $125 million of Class A common stock.

Doximity
(DOCS), the online medical platform provider, said it expects fiscal first-quarter revenue of $106.5 million to $107.5 million, below analysts’ forecasts, and the stock fell 5.7%.

Keysight Technologies
(KEYS), the electronic systems company, was poised to rise after fiscal second-quarter earnings beat Wall Street expectations and the company’s adjusted profit forecast for the current quarter of $2 to $2.06 a share also topped estimates. The stock rose 7.7%.

Wynn Resorts
(WYNN) rose 5.7% to $108.92 after shares of the casino company were upgraded to Overweight from Equal Weight at
Barclays,
and the price target was raised to $135 from $120.

WeWork
(WE) declined 26%. The stock was downgraded to Neutral from Buy at
Mizuho,
which cited the stepping down of Sandeep Mathrani as CEO and chairman on May 26 as “disruptive.”

Write to Joe Woelfel at [email protected]