Stocks making the biggest moves mid-day: AMC, MAT, CVX, SPOT

AMC Empire 25 off Times Square is open as New York City movie theaters reopen for the first time in a year after the coronavirus shutdown, March 5, 2021[ads1].

Angela Weiss | AFP | Getty Images

Check out the companies making headlines in the midday trade.

AMC Entertainment — Shares in the cinema chain rose by 30 per cent. On Friday, a judge blocked a proposed settlement over the company’s stock conversion plan, which would have allowed the company to issue more shares to allow it to pay off some of its debt. Separately, AMC said it saw its biggest attendance and admissions revenue in a single weekend since 2019, nodding to the hype surrounding the “Barbenheimer” phenomenon.

IMAX — The entertainment technology company jumped about 6% as Universal’s “Oppenheimer” drove moviegoers to IMAX screens. B. Riley analyst Eric Wold said the over-indexing of IMAX screens in theaters coming out of the pandemic reflects improved consumer demand for the format.

Mattel — The toymaker gained 1.9% after the successful opening weekend of “Barbie,” the Warner Bros. movie based on Mattel’s iconic doll.

Chevron — The energy stock jumped 2.8% after the company released a preview of its quarterly results that showed stronger-than-expected earnings. Chevron reported $3.08 per share in adjusted earnings, beating the Wall Street consensus estimate of $2.97 per share, according to Refinitiv. The company’s board is waiving the mandatory retirement age for CEO Mike Wirth, giving the firm more time to find a successor. Chevron also appointed a new chief financial officer.

Knight-Swift Transportation – The freight company’s shares rose more than 1%. Late last week, the company released a weaker-than-expected financial update for the second quarter. Knight-Swift reported adjusted earnings of 49 cents per share on revenue of $1.55 billion. Analysts expected 55 cents a share on revenue of $1.6 billion, according to Refinitiv.

Intuitive Surgery — Health inventory decreased 3.5%. Last week the company posted stronger than expected earnings and revenues for the last quarter. Intuitive Surgical reported adjusted earnings of $1.42 per share on revenue of $1.76 billion. That compared with estimates of $1.33 a share on revenue of $1.74 billion, according to Refinitiv.

Domino’s Pizza — Domino’s Pizza shares rose 1.6%. The fast-food chain reported mixed quarterly results, including adjusted earnings of $3.08 per share, beating analysts’ forecasts for $3.05 per share. Excluding the currency effect, Domino’s said global retail sales rose 5.8% during the period.

Becton Dickinson — The medical technology company saw shares jump more than 6% after Raymond James upgraded Becton Dickinson to outperform. The company received approval from the US Food and Drug Administration for its updated BD Alaris infusion system, which helps monitor patients’ vital signs and deliver medications, blood and other fluids.

Sirius XM — Shares of the audio entertainment company fell 14% after Deutsche Bank downgraded the stock to sell from neutral, citing its valuation after its share price doubled in the past month. The firm said the move was driven by technical factors, particularly high short interest, as well as buying by investors ahead of the Nasdaq rebalance.

Spotify — The music streaming company’s shares fell 5.5% after Spotify announced price increases for its premium subscription plans. The company is scheduled to report its quarterly results on Tuesday before the bell.

Gilead Sciences — Shares of the biopharmaceutical firm fell 4%. On Friday, the company said it would cancel its late-stage test of a blood cancer treatment. Gilead noted that it does not expect revenue from the treatment for 2023 and that associated reductions in operating expenses in 2023 would be immaterial.

Estee Lauder — The beauty company saw its shares fall 1.4% after Piper Sandler downgraded the stock to neutral from overweight, citing expectations of slower tailwinds in China, declining market share and lower brand preference among teenage consumers.

– CNBC’s Hakyung Kim, Yun Li, Alex Harring and Samantha Subin contributed reporting

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