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Midday movers: Micron Technology, PDC Energy, PacWest Bancorp and more

Investing.com
·1-min read

Investing.com -- Stocks are mixed as investors await clarity on the direction and outcome of debt ceiling negotiations in Washington. Here are the market movers for May 22.

Micron Technology Inc (NASDAQ:MU) shares fell 2.9% after China told companies in its domestic information systems sector to stop buying Micron chips, citing national security concerns. PDC Energy Inc (NASDAQ:PDCE) shares rose 8.6% after oil major Chevron (NYSE:CVX) said it would buy the shale producer with bases in Colorado and Texas for $6.3 billion. PacWest Bancorp (NASDAQ:PACW) shares rose 18% after the regional lender said it would sell a portfolio of 74 real estate construction loans with a balance of around $2.6B to Kennedy-Wilson Holdings (NYSE:KW). Meta Platforms Inc (NASDAQ:META) shares rose 2.1% after European Union privacy regulators fined the Facebook and Instagram social media platform operator $1.3B for sending user information to the U.S.

VectivBio Holding AG (NASDAQ:VECT) shares jumped 36% after Ironwood Pharmaceuticals announced a $1B plan to buy it, helping to expand its portfolio of treatments for gastrointestinal ailments.

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