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25 AMC Empire near Times Square is open as New York City movie theaters reopen on March 5, 2021 for the first time in a year since the coronavirus shutdown.
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Check out the companies making headlines during midday trading.
AMC Entertainment — The shares of the cinema chain rose by 30%. On Friday, a judge blocked a proposed settlement over the company’s stock conversion plan that would have allowed the company to issue more stock to pay off some of its debt. Separately, AMC said it saw the largest attendance and admissions revenue in a single weekend since 2019, a nod to the hype surrounding the “Barbenheimer” phenomenon.
IMAX — The entertainment technology company rose about 6% as Universal’s “Oppenheimer” drove moviegoers to IMAX screens. B. Riley analyst Eric Wold said the overindexing of IMAX screens in movie theaters due to the pandemic is a reflection of increasing consumer demand for the format.
Mattel — The toymaker gained 1.9% after the successful opening weekend of ‘Barbie’, the Warner Bros. movie based on Mattel’s iconic doll.
Chevron — Energy stock rose 2.8% after the company released a preview of its quarterly results showing stronger-than-expected earnings. Chevron reported $3.08 per share in adjusted earnings, which beat Wall Street’s consensus estimate of $2.97 per share, according to Refinitiv. The company’s board of directors is waiving the mandatory retirement age for CEO Mike Wirth, giving the company more time to find a successor. Chevron has also appointed a new CFO.
Ridder-Swift Transport — Shares of the freight forwarding company gained more than 1%. Late last week, the company posted a weaker-than-expected second-quarter financial update. Knight-Swift reported adjusted earnings of 49 cents per share on revenues of $1.55 billion. Analysts were expecting 55 cents per share on revenue of $1.6 billion, according to Refinitiv.
Intuitive surgical — The health care share fell by 3.5%. Last week, the company posted stronger-than-expected earnings and earnings for its most recent quarter. Intuitive Surgical reported adjusted earnings of $1.42 per share on revenues of $1.76 billion. That was compared to estimates of $1.33 per share on revenue of $1.74 billion, according to Refinitiv.
Domino’s Pizza — Domino’s Pizza share rose 1.6%. The fast food chain reported mixed quarterly results, including adjusted earnings of $3.08 per share, beating analysts’ forecasts of $3.05 per share. Excluding the impact of currency, Domino’s said global retail sales increased 5.8% during the period.
Becton Dickinson — The medical technology company saw shares rise more than 6% after Raymond James Becton upgraded Dickinson to outperform. The company received approval from the US Food and Drug Administration for its updated BD Alaris Infusion System, which helps monitor patients’ vital signs and administer medications, blood and other fluids.
Sirius XM — Shares of the audio entertainment company fell 14% after Deutsche Bank downgraded the stock from neutral to sell, citing its valuation after its share price doubled over the past month. The company said the move was driven by technical factors, particularly high short-term interest rates, as well as investor purchases ahead of the Nasdaq rebalancing.
Spotify — Shares of the music streaming company fell 5.5% after Spotify announced price increases for its premium subscriptions. The company will announce its quarterly figures on Tuesday.
Gilead Sciences — Shares of the biopharmaceutical company fell 4%. On Friday, the company said it would halt its advanced trial of a blood cancer treatment. Gilead noted that it does not expect treatment revenues for 2023 and that associated operating cost reductions in 2023 would not be material.
Estee Lauder — The beauty company saw its shares fall 1.4% after Piper Sandler downgraded the stock from overweight to neutral, citing expectations of a slower recovery in China, weakening market share and lower brand preference among teen consumers.
— CNBC’s Hakyung Kim, Yun Li, Alex Harring and Samantha Subin contributed to the reporting
Stocks making the biggest moves in the afternoon: AMC, MAT, CVX, SPOT
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