AMC Entertainment, Tesla, Micron, Under Armor and more

Find out which companies are making headlines in the midday business.

AMC Entertainment – Shares fell 14.8% after the company proposed a stock split and announced another $110 million capital raise in a bid to minimize its leverage. The shares of its preferred stock have a tie of more than 64%.

You’re here – Shares fell more than 9% in Thursday’s session. Tesla is offering a $7,500 rebate on its Model 3 and Model Y vehicles delivered in the United States by the end of the year, as well as 10,000 free boost miles for those vehicles, according to its website.

Micron Technology — The semiconductor stock fell 5% after the company shared disappointing quarterly results and revenue, which it attributed to slowing demand expected to continue through 2023. Micron also announced that it would reduce its workforce by 10% next year. Other chip stocks, including Nvidia and Advanced Micro Devices, fell 9% and 7% respectively. Marvell Technology fell more than 5%.

CarMax —The auto retailer’s shares fell 6.6% after its earnings and revenue for the last quarter fell short of Wall Street expectations. CarMax earned 24 cents per share on $6.51 billion in revenue. Analysts had expected earnings of 70 cents per share on $7.29 billion in revenue.

Under-protection – Shares fell more than 4% on Thursday. The athletic apparel maker has announced that Stephanie Linnartz, the current president of Marriott International, will join the company as CEO in 2023.

TuSimple – Shares fell more than 12% after Tu Simples said it was cutting 25% of its workforce which would affect about 350 employees at the self-driving truck startup.

Airline stocks – A slew of airline stocks fell on Thursday amid news of hundreds of flight cancellations as a massive winter storm battered the US and United fell 5.5% and 4%, respectively. Delta and Southwest fell at least 3%.

Tyson Foods – Shares of Tyson Foods fell 1.9% after the Wall Street Journal reported the meat and poultry producer is expected to lose hundreds of employees as it consolidates its offices next year.

MillerKnoll – MillerKnoll a bonus of more than 7% after announcing results and revenues for the second quarter of fiscal 2023 exceeded expectations. The office furniture maker also said it was able to achieve annualized spending 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 rose 2.2% after the FDA granted the drugmaker’s colorectal cancer treatment a “breakthrough therapy” designation.

– CNBC’s Sarah Min canceled to report

Leave a Comment