Stocks making the biggest moves midday: AMC Entertainment, Tesla, Micron, Under Armour and more
Check out the companies making headlines in midday trading.
AMC Entertainment — Shares plummeted 7.4% after the company proposed a reverse stock split and announced a new $110 million capital raise in an attempt to minimize its debt load. Shares of its preferred stock surged more than 75%.
Tesla — Shares fell nearly 9% during Thursday trading. Tesla offered a $7,500 discount on its Model 3 and Model Y vehicles delivered in the United States by year-end, as well as 10,000 miles of free supercharging for those vehicles, according to its website.
Micron Technology — The semiconductor stock shed 3.4% after the company shared disappointing quarterly earnings and revenue, which it attributed to slowing demand expected to continue into 2023. Micron also announced it’s cutting its workforce by 10% next year. Other chip stocks, including Nvidia and Advanced Micro Devices, dropped 7% and 5.6%, respectively. Marvell Technology slumped more than 4%.
CarMax — Shares of the auto retailer shed 3.7% after its earnings and revenue for the recent quarter came in below Wall Street’s expectations. CarMax earned 24 cents per share on $6.51 billion in revenue. Analysts expected earnings of 70 cents a share on $7.29 billion in revenue.
Under Armour — Shares fell more than 2.3% Thursday. The athletics apparel maker announced that Stephanie Linnartz, the current president of Marriott International, would join the company as CEO in 2023.
TuSimple — Shares dropped more than 11% after TuSimple said it would cut 25% of its workforce, which would affect about 350 employees at the self-driving truck startup.
Airline stocks — A slew of airline stocks fell Thursday amid news of hundreds of flight cancellations as a massive winter storm hit the U.S. American and United slumped 3.6% and 1.9%, respectively. Delta and Southwest dropped 2% and 3% each.
Tyson Foods — Shares of Tyson foods finished flat following a drop after The Wall Street Journal reported the meat and poultry producer is expected to lose hundreds of employees when it consolidates its corporate offices next year.
MillerKnoll — MillerKnoll jumped more than 14% after reporting fiscal 2023 second-quarter earnings and revenue that beat expectations. The office furniture builder also said it has been able to realize annualized expense reductions of $30 million to $35 million, which will begin to be realized in the third quarter and more fully in the fourth quarter.
Mirati Therapeutics — Shares added more than 5% after the Food and Drug Administration granted the drug maker’s colorectal cancer treatment a “breakthrough therapy” designation.
— CNBC’s Sarah Min and Michelle Fox contributed reporting.
