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Stock Market News: PacWest, regional bank shares rise, Tyson tumbles, Tesla’s Texas factory

PacWest shares lead a rebound in regional bank shares, Tyson Foods disappoints investors, the debt ceiling remains in limbo and Lucid, Palantir, and PayPal will report after the bell. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.


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Breaking News

Nasdaq enters bull market, oil jumps 2.5%

Nasdaq Composite Index.

The Nasdaq Composite entered a bull market on Monday exiting the bear market it hit last December with gains of over 20%.

Additionally, the Dow Jones Industrial Average and the S&P 500 were little changed ahead of two key inflation reports, the CPI and PPI, due later in the week.


In commodities, oil rose 2.5% to $73.16 per barrel. 

Posted by FOX Business

Tyson Foods moves to 2Q loss, weighed down by charges


Tyson Foods posted a loss in its fiscal second quarter, its first quarterly loss since 2009, and cut its sales forecast as its performance was weighed down by hefty charges related to plant closures and restructuring.

The Springdale, Arkansas-based company, whose brands include Jimmy Dean, Hillshire Farm, Ball Park and its namesake, lost $97 million, or 28 cents per share for the three months ended April 1.

A year earlier it earned $829 million, or $2.28 per share. Taking out plant closure-related charges and restructuring charges, it lost 4 cents per share. Analysts polled by Zacks Investment Research predicting a profit of 81 cents per share.

Posted by Associated Press

PacWest shares rally

PacWest shares jumped on Monday after the company made another move to ease investor concerns. The bank cut its dividend to $0.01 in an effort conserve cash.

Grupo Aerop Del Pacifico.

Paul Taylor, President and CEO, commented, “Given current economic uncertainty, recent volatility in the banking sector and potential changes in regulatory capital requirements, we view reducing the dividend as a prudent step to accelerate our plans to build capital to CET1 of 10%+. Our business remains fundamentally sound, and we will continue with our strategy to focus on our relationship-based community banking model.”

TRU$64.82 0.120.19

Posted by FOX Business

Warren Buffett's Annual Meeting highlights

Posted by FOX Business

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