See the companies making headlines in midday trading: McDonald’s — Shares of McDonald’s jumped more than 4% even after the fast-food giant posted quarterly earnings and revenue that fell short of Wall Street estimates. Investors were likely to take heart that the company plans to continue using its $5 meals as a way to attract lower-income customers. Management said the strategy helps improve sentiment around the brand’s value and affordability. Revvity — The biosciences company advanced 6% after reporting second-quarter earnings. Revvity’s adjusted earnings of $1.22 per share beat the FactSet estimate of $1.12 per share. The company’s revenue of $691.7 million was also above the $690.3 million analysts had expected. Akamai Technologies — Shares of the cloud security company rose 1% after Guggenheim upgraded the stock to buy from neutral. The investment firm expects a 32% rise as Akamai leverages its leadership position to deliver more value to its customers. Tesla — The electric carmaker added 4.2% after being named the top pick among U.S. auto stocks by Morgan Stanley analyst Adam Jonas. Tesla replaced Ford, which fell about 2%. Stellantis — The automaker fell about 4.5%, hitting a fresh 52-week low, after Deutsche Bank downgraded the stock to hold from buy. The firm sees the company’s guidance at risk, citing an inability in a “tougher” environment to address key issues such as inventory, pricing and a lack of model life compared to peers. Walt Disney — Shares of the entertainment giant rose 2% after a big box office debut for “Deadpool & Wolverine.” The new Marvel movie surpassed $200 million at the domestic box office, a record opening weekend for an R-rated film. Semiconductor — Shares jumped about 13% after the chip company reported better-than-expected earnings. Adjusted earnings per share for the second quarter were 96 cents, compared with the consensus estimate of 92 cents, per FactSet. Revenue was $1.74 billion, compared with $1.73 billion expected by analysts. Dexcom — Shares of the diabetes company traded 5% higher, recouping some of their losses from Friday. The stock was lifted after Dexcom announced that its latest insulin pump software had been cleared for sale by Health Canada. The stock fell more than 40% in the previous session after Dexcom reported disappointing second-quarter results and gave weak guidance. — CNBC’s Sean Conlon, Michelle Fox, Alex Haring, Jesse Pound and Samantha Sobin contributed to the report.
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Stocks that made the biggest moves midday: DIS, DXCM, MCD, ON
