By Check out the companies making headlines in midday trading.
AMC Entertainment — Shares of the movie theater chain surged 30%. On Friday, a judge blocked a proposed settlement on the company’s stock conversion plan, which would have enabled the company to issue more shares to allow it to pay down some of its debt. Separately, AMC said it saw its biggest attendance and admissions revenue in a single weekend since 2019, nodding to the hype around the “Barbenheimer” phenomenon.
IMAX — The entertainment technology company jumped about 6% as Universal’s “Oppenheimer” drove moviegoers to IMAX screens. B. Riley analyst Eric Wold said the over-indexing of IMAX screens in movie theaters coming out of the Covid-19 pandemic reflects improving consumer demand toward the format.
Mattel — The toymaker gained 1.9% coming off the successful opening weekend of “Barbie,” the Warner Bros. Discovery movie based on Mattel’s iconic doll.
Chevron — The energy stock jumped 2.8% after the company released a preview of its quarterly results that showed stronger-than-expected earnings. Chevron reported $3.08 a share in adjusted profit, which beat Wall Street’s consensus estimate of $2.97, according to Refinitiv. The company’s board is waiving the mandatory retirement age for CEO Mike Wirth, allowing the firm more time to find a successor. Chevron also named a new chief financial officer.
Knight-Swift Transportation — The freight transportation company’s shares gained more than 1%. Late last week, the company posted a weaker-than-expected financial update for the second quarter. Knight-Swift reported adjusted earnings of 49 cents per share on revenue of $1.55 billion. Analysts expected 55 cents per share on revenue of $1.6 billion, according to Refinitiv.
Intuitive Surgical — The health-care stock declined 3.5%. Last week, the company posted stronger-than-expected earnings and revenue for its most recent quarter. Intuitive Surgical reported adjusted earnings of $1.42 per share on revenue of $1.76 billion. That was compared with estimates of $1.33 per share on revenue of $1.74 billion, according to Refinitiv.
Domino’s Pizza — Domino’s Pizza shares rose 1.6%. The fast-food chain reported mixed quarterly results, including adjusted earnings of $3.08 per share, beating analysts’ predictions for $3.05 per share. Excluding the effect from currency, Domino’s said global retail sales grew 5.8% during the period.
Becton Dickinson — The medical technology company saw shares jump more than 6% after Raymond James upgraded Becton Dickinson to outperform. The company received clearance from the U.S. Food and Drug Administration for its updated BD Alaris infusion system, which helps monitor patients’ vital signs and deliver medications, blood and other fluids.
Sirius XM — Shares of the audio entertainment company slid 14% after Deutsche Bank downgraded the stock to sell from neutral, citing its valuation after the share price doubled over the past month. The firm said the move was driven by technical factors, specifically high short interest, as well as buying from investors ahead of the Nasdaq rebalance.
Spotify — The music streaming company’s shares dropped 5.5% after Spotify announced price increases for its premium subscription plans. The company is scheduled to report its quarterly earnings Tuesday before the bell.
Gilead Sciences — Shares of the biopharmaceutical firm dropped 4%. On Friday, the company said it would discontinue its late-stage trial of a blood cancer treatment. Gilead noted it does not expect revenue from the treatment for 2023 and that associated 2023 operating expense reductions would be immaterial.
Estée Lauder — The beauty company saw its shares fall 1.4% after Piper Sandler downgraded the stock to neutral from overweight, citing expectations for slower China recovery tailwinds, weakening market share and lower brand preference among teenage consumers.
— CNBC’s Hakyung Kim, Yun Li, Alex Harring and Samantha Subin contributed reporting.
