J&J firmer on hopes for talc deal, but Western Alliance Bancorp slides as regional bank fears revive

Here are some of the biggest movers on Wednesday, with Johnson & Johnson firmer but C3.ai extending recent losses.

Stock gainers:

• Johnson & Johnson
  JNJ,
  +1.05%
  shares were adding 3% in premarket action after the company announced a nearly $9 billion settlement over claims that its talcum powder causes cancer.

• Shares in coffee retailer Dutch Bros
  BROS,
  +0.56%
  rose 3% after Wedbush raised the stock from neutral to outperform. Analysts said they believe the company’s adjusted EBITDA guidance is conservative.

Stock decliners:

• Western Alliance Bancorp
  WAL,
  -3.76%
  shares were down more than 5% as the regional banking sector again comes under pressure following downbeat comments from JP Morgan CEO Jamie Dimon.

• C3.ai
  AI,
  -26.34%
  stock was down 3%, adding to Tuesday’s 26% slump, after short selling firm Kerrisdale Capital published a letter to the artificial intelligence software company’s auditors alleging a series of accounting irregularities, including that it is overstating revenue and margins.

• Walmart
  WMT,
  -0.98%
  fell 1% after the retailer said it expects adjusted earnings per share of $5.90 to $6.05 for its full fiscal 2024, set to end in January. However, this is lower than the FactSet-compiled analyst estimate of $6.11.