See the companies making headlines in midday trading: Advanced Micro Devices — The chipmaker rose more than 4%. Advanced Micro Devices announced plans to buy server builder ZT Systems in a cash-and-stock deal worth a total of $4.9 billion. HP — Shares fell more than 3% after Morgan Stanley downgraded the personal computing company to equal weight from overweight, citing limited upside potential. Sweetgreen — The power chain fell 6.8% after Piper Sandler downgraded Sweetgreen to neutral from overweight, saying the stock’s risk/reward profile was now more balanced. Analyst Brian Mullane issued the rating change on the back of a softening outlook for the fast-casual dining sector, but noted that his long-term view on Sweetgreen remains bright. Estée Lauder — The beauty stock fell 2.2%. Estée Lauder gave disappointing guidance for fiscal 2025. The company also announced that its CEO Fabrizio Freda will retire at the end of fiscal 2025. FuboTV — The sports-focused streaming stock rose about 18%. A U.S. judge on Friday temporarily blocked sports streaming service Venu from launching. FuboTV alleged in the lawsuit that the joint sports streaming service from Disney, Warner Bros. Discovery and Fox was anticompetitive. Taylor Morrison Home — The stock added 3% after BTIG upgraded it to buy from neutral. The company said it increased confidence in the homebuilder’s long-term goals. General Motors — The industrial giant’s stock rose 1%. General Motors said it will lay off more than 1,000 salaried employees globally in its software and services division after a review to streamline the unit’s operations. The layoffs include about 600 jobs at GM’s technology campus near Detroit. – Shares of coffee chain Dutch Bros. fell about 4% after Piper Sandler downgraded the stock to neutral from overweight. According to the investment firm, Dutch Bros. could be impacted by easing traffic to fast-casual restaurants. – The shipping stock rose 17% after raising its full-year adjusted EBITDA forecast. The company said it expects between $2.6 billion and $3 billion for adjusted EBITDA for the full year, above its previous forecast range of $1.15 billion to $1.55 billion. Zim also said it generated $1.93 billion in revenue in the second quarter. – Shake Shack – Shares fell 2.4% after Piper Sandler downgraded the burger chain to neutral from overweight. The firm cited a deteriorating industry backdrop. – The burger giant jumped 3% after Evercore ISI raised its price target to $320 from $300. “We are increasingly bullish on McDonald’s U.S. business for 2024 with some recent relative market share improvement that we believe will continue into the second half of 2024,” the analysts wrote in a report Monday. The company maintained its outperform rating on McDonald’s. — CNBC’s Alex Haring, Michelle Fox, Yoon Lee, Sarah Min, Hakyung Kim and Jesse Pound contributed to the report.
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