A look at companies garnering attention in midday trading: Paramount Global – The media and entertainment stock surged more than 9% on news that Skydance Media has signed a tentative merger agreement with controlling shareholder National Amusements. CNBC reported, citing a person familiar with the matter, that Paramount Global’s special committee is reviewing and voting on the agreement. Tesla – The electric car company rose another 6%, bringing its gains for the week to 24%. The gains came after Tesla reported better-than-expected deliveries in the second quarter. Wedbush analyst Dan Ives raised his 12-month price target for the Elon Musk-led company to $300 from $275 previously. The new forecast implies a 30% upside from Tuesday’s closing price. MGM Resorts International – Shares rose 3.5% after BTIG began covering the casino operator with a “buy” rating and a 52% price target. That represents an increase of about 23% from Tuesday’s closing price. The company said MGM is diversifying in a healthy way, which should improve growth. Constellation Brands – Shares of the beer and wine company fell 2.5% after first-quarter sales fell slightly below expectations. The company reported adjusted earnings per share of $3.57, beating the $3.46 expected by analysts surveyed by LSEG, while quarterly revenue of $2.66 billion beat analysts’ expectations of $2.67 billion. Sales at its smaller wine and spirits business also fell 7%, while shipments and depletion fell 5.1% and nearly 13%, respectively. Metals ETFs – Silver, gold and copper mining stocks rose as the U.S. dollar weakened following dovish comments from Federal Reserve Chairman Jerome Powell the previous day. Silver mining stocks rose 4.3% on Wednesday, nearing their highest since May 17, while gold mining stocks rose 3.76%, nearing their highest since March 20. Copper mining stocks also rose 4%, nearing their highest since May 17. Constellation Energy – Energy stocks rose 2.7% after a Reuters report that the company is in talks with Pennsylvania officials about potentially restarting parts of its Three Mile Island facility, site of a nuclear reactor meltdown in the 1970s. Two Reuters sources said the talks are “beyond the preliminary stage.” — CNBC’s Samantha Subin, Yun Lee, Lisa Kailai Han, Michelle Fox and Gina Francola contributed to the report.
PARA, TSLA, MGM, etc.
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