A look at companies making waves in midday trading: Virgin Galactic — The struggling space company’s shares fell 15% after a 20-for-1 reverse stock split went into effect. The company was trying to restore its stock price to above $1 per share after a steady decline over the past three years. Virgin Galactic suspended its spaceflight operations this year to focus resources on developing its next-generation Delta-class spacecraft. AMC Networks — The cable television network’s shares plunged more than 30% after it announced plans to sell $125 million in convertible notes due 2029 in a private offering to institutional investors. Exponential Fitness — Shares soared nearly 26% after the company named Mark King as CEO, effective today. The company also announced that Brenda Morris, who had been serving as interim CEO, will remain on the board of directors. Autodesk — Shares rose more than 6% after activist fund Starboard Value acquired a $500 million stake in the software company.Starboard said it was considering legal action over the company’s delayed disclosure that it had opened an internal investigation into accounting irregularities. Broadcom — The chipmaker’s shares continued their rally from Friday, jumping nearly 5% in Monday trading and surging more than 35% this month. The company last week announced a 10-for-1 stock split after second-quarter profit and sales beat expectations. Shattuck Labs — The biotech stock fell 14% after BTIG downgraded it to neutral from buy. Clinical trial data released Friday showed “promising efficacy,” but BTIG said there was “ambiguity” in one area that shouldn’t be resolved until late 2025. Louisiana-Pacific Corp. — The building materials maker’s shares fell more than 5% after Goldman Sachs downgraded it to sell from neutral. The company believes the company’s valuation and competitive and macroeconomic pressures will lead to poor performance. TDK Corp. — Shares of the Apple supplier rose about 2.6% after the company said it has successfully developed its own material for solid-state batteries. The company also said the material could boost the performance of wearable devices. Best Buy — The retailer’s shares rose 43.5% after UBS upgraded it to buy from neutral and raised its price target to $106 per share from $85. The investment bank believes a potential upcoming upgrade cycle for consumer electronics and new product offerings could drive outperform. Corning — Shares rose nearly 4% to a new 52-week high after Fox Advisors upgraded it to outperform from equal weight. Fox also set a price target of $45 for the stock. Chipotle — Shares of the restaurant chain rose about 3% ahead of a 50-for-1 stock split that will begin trading when the market opens on June 26. The stock hit a new 52-week high in Monday trading. —CNBC’s Alex Harring and Yun Lee contributed reporting.
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