Check out the companies making headlines in midday trading. Starbucks, Chipotle Mexican Grill — Starbucks shares surged 21% after the coffee chain ousted CEO Lakshman Narasimhan with immediate effect and replaced him with Chipotle CEO Brian Niccol, who will take over on Sept. 9. Three Wall Street firms have already upgraded Starbucks shares following the news. Chipotle shares fell 9% after Niccol’s departure. Home Depot — The home improvement retailer gained 2%, after falling 4% in premarket trading after Home Depot issued lackluster guidance due to cautious consumers. The company expects full-year comparable sales to fall 3% to 4%, compared with the previous fiscal year. Home Depot had expected a decline of about 1%. Dell Technologies — The technology stock rose 6% on Barclays’ upgrade to equal weight from underweight. The bank said Dell’s recent decline could explain concerns about the strength of demand for its artificial intelligence offerings. Tencent Music Entertainment Group — Shares fell about 15% after the Chinese music streaming company reported a 1.7% year-over-year decline in revenue. Its mobile monthly active users also missed analysts’ expectations, according to FactSet. Hormel Foods — Shares rose 2% after Citigroup upgraded the stock to buy from neutral. The company cited improving retail sales trends and the input cost environment, as well as potential margin gains in its turkey segment. On Holding — The sportswear stock jumped about 7% after On Holding’s second-quarter results. Revenue of 567.7 million Swiss francs beat the 562.1 million Swiss francs expected by analysts surveyed by StreetAccount. However, earnings of 0.14 Swiss francs per share, or about $0.16, missed the consensus estimate of 0.16 Swiss francs. ViaSat — The satellite company’s stock fell 20% after securities filings showed several major shareholders were looking to make big sales. The filings showed shareholders, including the Ontario Teachers’ Pension Plan Board, were working with Morgan Stanley to sell a total of about 11 million ViaSat shares. Rumble — Shares rose more than 5% after the video-sharing company’s second-quarter results beat expectations on the top and bottom lines. Rumble reported a smaller-than-expected loss of 13 cents per share, compared with the 15 cents per share loss analysts had forecast, 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 financial results. Adjusted operating income of $56.5 million beat the FactSet consensus estimate of $12.3 million. Baxter International — The health care stock fell 6% after Baxter International agreed to sell its Vantive kidney care business to Carlyle for $3.8 billion. B. Riley Financial — The financial services stock fell about 9%, hitting a 52-week low and extending the huge losses seen during Monday’s session after B. Riley filed to defer its second-quarter report on its Form 10-Q with the Securities and Exchange Commission. The stock fell about 52% on Monday on reports that the company is facing an SEC investigation into its risk disclosures. — CNBC’s Sean Conlon, Michelle Fox, Alex Haring, Hakyung Kim and Jesse Pound contributed reporting.
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