Midday movers: First Republic, United Parcel Service, Spotify and more

Investing.com -- Stocks were falling on Tuesday on renewed worries about the banking sector after First Republic said $100 billion of deposits flowed out in the first quarter. Here are the market movers for April 25.

First Republic Bank (NYSE:FRC) shares fell 41% after it beat profit expectations but said its deposits were down substantially despite a $30B injection of deposits from a group of large banks. United Parcel Service Inc (NYSE:UPS) shares fell 9.6% after the logistics giant's domestic sales slipped slightly and its profit came in lower than one year ago. The company said it expects volumes to remain under pressure. Spotify Technology SA (NYSE:SPOT) shares rose 4.6% despite swinging to a loss for the quarter as user and subscription growth for the media streaming platform beat expectations. PepsiCo Inc (NASDAQ:PEP) shares rose 2% after the snack and beverage giant topped expectations for the most recent quarter and raised its guidance for 2023 adjusted earnings per share.

General Motors Company (NYSE:GM) shares fell 4% after it posted solid earnings that beat expectations and raised the automaker's forecast for the year. GM is ending production of its electric Chevy Bolt vehicles to make way for production of newer EVs.

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