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PacWest Bancorp PACW stock is up 2.9% in premarket trades Thursday after S&P Dow Jones Indices said the regional bank would be added to the S&P SmallCap 600 from the S&P MidCap 400 prior to the open of trading this coming Wednesday. Crane Co. CR is replacing PacWest in the MidCap 400 on Tuesday. PacWest Bancorp will replace Nektar Therapeutics NKTR in the S&P SmallCap 600. Meanwhile, Crane Holdings Co. is spinning off new Crane on April 4 and will change its name to Crane NXT Co. under the symbol CXT, and will remain in the S&P MidCap 400. PacWest stock has been in the spotlight in recent weeks amid speculation around the health of other regional banks after the demise of Silicon Valley Bank and Signature Bank.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Shares of Roku Inc. ROKU rallied 2.7% in premarket trading Thursday, after the streaming-media company disclosed that it would lay off 200 employees, or about 6% of its workforce as part of a cost-cutting plan. The plan will also include the exit and sublease, or cease the use of, certain office facilities. The company expects to record charges of $30 million to $35 million as a result of the plan, which will include severance payments, notice pay and employee benefit contributions. Most of the charges will be recorded in the fiscal first quarter, and the job cuts will be "substantially complete" by the end of the second quarter. The stock has soared 57.0% over the past three months but has tumbled 50.8% over the past 12 months, while the S&P 500 SPX has lost 12.5% over the past year.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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