Stocks making the biggest moves midday: AMC Entertainment, Tesla, Micron, Under Armour and more

In this article

Pedestrians pass in front of an AMC theater in New York.
Scott Mlyn | CNBC

Check out the companies making headlines in midday trading.

AMC Entertainment — Shares plummeted 14.8% after the company proposed a reverse stock split and announced a new $110 million capital raise in an attempt to minimize its debt load. Shares of its preferred stock surged more than 64%.

Tesla — Shares fell more than 9% during Thursday trading. Tesla offered a $7,500 discount on its Model 3 and Model Y vehicles delivered in the United States by year-end, as well as 10,000 miles of free supercharging for those vehicles, according to its website.

Micron Technology — The semiconductor stock shed 5% after the company shared disappointing quarterly earnings and revenue, which it attributed to slowing demand expected to continue into 2023. Micron also announced it’s cutting its workforce by 10% next year. Other chip stocks, including Nvidia and Advanced Micro Devices, dropped 9% and 7%, respectively. Marvell Technology slumped more than 5%.

CarMax — Shares of the auto retailer shed 6.6% after its earnings and revenue for the recent quarter came in below Wall Street’s expectations. CarMax earned 24 cents per share on $6.51 billion in revenue. Analysts expected earnings of 70 cents a share on $7.29 billion in revenue.

Under Armour — Shares fell more than 4% Thursday. The athletics apparel maker announced that Stephanie Linnartz, the current president of Marriott International, would join the company as CEO in 2023.

TuSimple — Shares dropped more than 12% after TuSimple said it would cut 25% of its workforce, which would affect about 350 employees at the self-driving truck startup.

Airline stocks — A slew of airline stocks fell Thursday amid news of hundreds of flight cancellations as a massive winter storm hit the U.S. American and United slumped 5.5% and 4%, respectively. Delta and Southwest dropped at least 3%.

Tyson Foods — Shares of Tyson foods dropped 1.9% after The Wall Street Journal reported the meat and poultry producer is expected to lose hundreds of employees when it consolidates its corporate offices next year. 

MillerKnoll — MillerKnoll jumped more than 7% after reporting fiscal 2023 second-quarter earnings and revenue that beat expectations. The office furniture builder also said it has been able to realize annualized expense reductions of $30 million to $35 million, which will begin to be realized in the third quarter and more fully in the fourth quarter.

Mirati Therapeutics — Shares added 2.2% after the Food and Drug Administration granted the drug maker’s colorectal cancer treatment a “breakthrough therapy” designation.

— CNBC’s Sarah Min contributed reporting.

Products You May Like

Articles You May Like

At 99, billionaire Charlie Munger shared how to avoid major mistakes in life: Dodge ‘toxic people and toxic activities’
‘You can’t just make your own rules’: Tesla faces Scandi revolt as Danes join Swedish strike
Starbucks tells union it wants to resume contract talks in January
Robinhood launches crypto trading service in the EU
Here’s where to invest your cash to save on taxes in 2024

Leave a Reply

Your email address will not be published. Required fields are marked *