Benzinga Pro's Top 5 Stocks To Watch For Thursday, May 4, 2023: PACW, FHN, DRI, PTON, MLCO

PacWest Bancorp (PACW) - Shares were down more than 30% Thursday morning following a Bloomberg report the company will consider strategic alternatives including a potential sale. The report and downside in the stock followed major downside in the stock over the last several trading sessions; PacWest shares were down more than 50% since earlier this week.

First Horizon Corp. (FHN) - The company and TD Bank (TD) mutually called off their merger agreement Thursday morning. TD Bank said it was unable to obtain a timeline for regulatory approvals for reasons unrelated to First Horizon. First Horizon shares were down about 40% on the news.

Darden Restaurants (DRI) - Analysts at Oppenheimer remained bullish on Darden following what the firm called an "attractive" acquisition by the company of Ruth Hospitality (RUTH), owner of Ruth's Chris Steak House.

Peloton Interactive (PTON) - The stock was down 7% following mixed quarterly results but solid guidance from the company. Analysts at Needham were favorable on Peloton shares amid the results and guidance. The analysts were optimistic amid a relaunch of the company's brand and app later in May.