Here’s a look at companies making headlines in midday trading: Starbucks, Chipotle Mexican Grill — Starbucks shares soared 21% after the coffee chain fired CEO Lakshman Narasimhan with immediate effect and replaced him with Chipotle CEO Brian Niccol, who will take the role on Sept. 9. Three Wall Street firms have already boosted Starbucks shares following the news. Chipotle shares fell 9% following Niccol’s departure. Home Depot — Home Depot rose 2% after dropping as much as 4% in premarket after issuing a lackluster outlook on consumer caution. The company expects full-year same-store sales to fall 3% to 4% from the prior year. Home Depot had expected a decline of about 1%. Dell Technologies — The tech stock surged 6% after Barclays upgraded it to equal weight from underweight. Tencent Music Entertainment Group — Shares plunged about 15% after the China-based music streaming company reported a 1.7% year-over-year revenue decline. Mobile monthly active users also fell short of analysts’ expectations, according to FactSet. Hormel Foods — Shares rose 2% after Citigroup upgraded the company to buy from neutral. The company cited retail sales trends, an improving input cost environment and room for margin growth in its turkey division. On Holdings — Athletic apparel shares rose about 7% after On Holdings reported second-quarter results. Revenue of CHF567.7 million beat analysts’ expectations of CHF562.1 million surveyed by Street accounts. However, earnings per share of CHF0.14 (about US$0.16) missed the CHF0.16 consensus estimate. Viasat — Satellite shares fell 20% after a securities filing revealed several large shareholders are considering a significant divestiture. Shareholders, including the Ontario Teachers’ Pension Plan Board, are working with Morgan Stanley to sell about 11 million ViaSat shares in total, according to the filing. Rumble — Shares rose more than 5% after the video-sharing company reported second-quarter results that beat expectations on revenue and profit. Rumble posted a loss of 13 cents per share, narrower than analysts’ expectations of a loss of 15 cents per share, according to FactSet. Revenue of $22.5 million beat the consensus estimate of $19.7 million. Madison Square Garden Sports — Shares rose 1% after Madison Square Garden Sports reported strong fourth-quarter results. Adjusted operating profit of $56.5 million was well above the FactSet consensus estimate of $12.3 million. Baxter International — Healthcare stocks fell 6% after Baxter International agreed to sell its Vantive kidney care division to Carlyle for $3.8 billion. B. Riley Financial — Financial services stocks fell about 9% to a 52-week low, extending heavy losses seen in Monday trading, after B. Riley delayed filing its second-quarter report on SEC Form 10-Q. Shares fell nearly 52% on Monday after reports the company was facing an SEC investigation into risk disclosures. — CNBC’s Sean Conlon, Michelle Fox, Alex Harring, Hakyung Kim and Jesse Pound contributed to the report.
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