Biggest Movers of the Day

Stock Gainers:

• Shares of PacWest Bancorp (PACW) skyrocketed 37% as the Banc of California (BANC) confirmed plans to acquire the troubled regional lender.
• Shares of Alphabet Inc. (GOOG, GOOGL) rose 7% after the Google parent company exceeded Wall Street profit and sales estimates with strong advertising sales.
• Dish Network Corp. (DISH) shares surged 13% following reports that Amazon.com Inc. (AMZN) would begin selling Dish's Boost Infinite wireless service.
• Shares of Wells Fargo & Co. (WFC) increased by 3% after the bank announced a new share buyback program of up to $30 billion and a dividend increase.

Stock Decliners:

• Microsoft Corp.'s stock (MSFT) fell 4% after management stated that the process of generating revenue from AI use cases would be gradual.
• Snap Inc.'s stock (SNAP) plummeted 19% after the social-media company forecasted worse-than-expected sales for the current quarter.
• Texas Instruments Inc. (TXN) shares dropped by 4% as the chip maker's forecast fell below expectations due to capacity expansion and rising inventory.