Movers & Shakers: Alibaba shares surge, Carnival’s stock rallies, and other stocks on the move

Here are some of the biggest movers Tuesday in a session when banking names seemed to calm down after making wild swings over the past few weeks.

Stock gainers:

• As an example of the lower volatility in bank stocks, shares of First Citizens Bancshares Inc. FCNCA, +1.87%, which soared a record 54% on Monday, were up 3.5% in Tuesday morning trading. The SPDR S&P Regional Banking exchange-traded fund KRE, -1.05% edged up 0.3%.
• The U.S.-listed shares of Alibaba Group Holding Ltd. BABA, +14.50% shot up 11% after the China-based e-commerce giant said it planned to reorganize into six business groups, each with their own chief executives and board of directors.
• Shares in PVH Corp. PVH, +19.82% were rocketing 19% after the owner of the Tommy Hilfiger and Calvin Klein brands delivered a strong outlook for 2023, following Monday’s closing bell.
• Ciena Corp. CIEN, +4.83% shares were up 5% after the optical-networking name was upgraded to strong buy at Raymond James.
• Shares of Carnival Corp. CCL, +5.80% were rising 6% after a Wells Fargo analyst ended his bearish call on the cruising name.
• McCormick & Co. Inc.’s MKC, +8.79% stock was leading S&P 500 gainers on the day after the spice company posted a profit beat in a report that one analyst said helped “support the idea that the company’s woes in 2022 are largely behind them.” The stock was up more than 9%.
• Walgreens Boots Alliance Inc.‘s WBA, +3.37% stock was climbing 4% after the healthcare-services and drugstore chain reported fiscal second-quarter profit that beat expectations.
• Occidental Petroleum Corp. OXY, +4.32% shares were on the rise, ahead 3.8% after Warren Buffett increased his stake by another $216 million. The stock also fetched an upgrade from TD Cowen analyst David Deckelbaum.

Stock decliners:

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