Here’s a look at some of the companies catching our eye in midday trading: McDonald’s — Shares of the fast-food giant rose nearly 4% after its quarterly profit and sales missed Wall Street expectations. Investors seemed relieved that the company plans to continue using its $5 value menu as a way to win back lower-income customers. Management said the strategy has helped improve sentiment about the brand’s value and affordability. Revuvity — The life sciences company rose 9% after its second-quarter profit beat expectations. Revuvity’s adjusted earnings of $1.22 per share beat FactSet’s estimate of $1.12 per share. The company’s revenue of $691.7 million also beat analysts’ expectations of $690.3 million. Akamai Technologies — Shares of the cloud security company rose 0.4% after Guggenheim upgraded the stock to buy from neutral.The investment firm sees a 32% upside as Akamai leverages its leadership position to deliver more value to customers. Tesla – Electric car maker Tesla rose 6% after being named the top U.S. auto stock pick by Morgan Stanley analyst Adam Jonas. Tesla replaced Ford, whose shares fell about 2%. Stellantis – The automaker’s shares fell about 4% to a 52-week low after Deutsche Bank downgraded Stellantis shares to “hold” from “buy.” The company sees its guidance at risk, saying a “challenging” environment will not allow it to address key issues, including inventory, pricing and a lack of model years compared to peers. Walt Disney – The entertainment giant’s shares rose 2.5% after a strong box office debut for “Deadpool & Wolverine.” The new Marvel movie grossed more than $200 million at the domestic box office, a record opening weekend for an R-rated movie.ON Semiconductor — Shares rose nearly 12% after the semiconductor company reported better-than-expected results. Second-quarter adjusted earnings per share were 96 cents, below the consensus estimate of 92 cents, according to FactSet. Revenue was $1.74 billion, below analysts’ estimate of $1.73 billion. Dexcom — Shares of the diabetes care company closed 5%, recouping some of Friday’s losses. Shares rose on news that Tandem Diabetes Care’s latest version of its t:slimX2 insulin pump software is compatible with Dexcom’s G7 and G6 continuous glucose monitoring systems. The software has also been approved for sale by Health Canada. Shares fell more than 40% in yesterday’s trading after Dexcom reported disappointing second-quarter results and a weak outlook. — CNBC’s Sean Conlon, Michelle Fox, Alex Harring, Jesse Pound and Samantha Sabin reported. Correction: An earlier version incorrectly identified a company that issues insulin pump software approved for sale by Health Canada.
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Biggest movers midday: DIS, DXCM, MCD, ON
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