AMC Entertainment (AMC) was sinking after the movie theater chain reached a settlement that would allow it to move forward with converting its AMC Preferred Equity units, or APE, into common stock. Shares of AMC Entertainment fell 14% to $4.41, while shares of APE jumped more than 17% to $1.74.
Virgin Orbit (VORB) has filed for Chapter 11 bankruptcy protection after failing to raise enough funds to continue the business. The stock fell 22% to about 15 cents.
AeroVironment (AVAV) has been upgraded to Strong Buy from Outperform by analysts at Raymond James. The stock jumped 12%.
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lighting company Sparkling brands (AYI) reported adjusted financial earnings for the second quarter of $3.06 per share, beating analyst estimates of $2.73. However, this quarter’s sales fell short of Wall Street’s expectations. The stock fell 7.7%.
Shares of Etsy (ETSY) rose 4.7% to $113.29 after the stock was upgraded to overweight from neutral by analysts at Piper Sandler.
service now (now) up 1.9% to $472.84 after upgrading shares of the workflow management software company to Outperform from Neutral on Baird. The price target has been raised to $548 from $475.
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Burlington Stores (BURL) gained 1.7% after Loop Capital upgraded shares of the non-price retailer to Buy from Hold.
Boeing (BA) stock fell 1.6% after a Northcoast analyst downgraded shares of the planemaker and aerospace giant to a sell-off from Neutral.
Citi analysts commenced coverage of Sarepta Therapeutics (SRPT) with a buy rating. The stock rose 1% on Tuesday.
Walmart
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(WMT) begins its two-day investor meeting on Tuesday. The world’s largest retailer last month issued earnings guidance for fiscal 2024 that fell short of analyst estimates. Wells Fargo analyst Edward Kelly said he expects to hear about a good start to the fiscal year from Walmart as “the first quarter seems to be shaping up as a good quarter.” The stock fell 0.4%.
Write to Joe Woelfel at [email protected] and Angela Palumbo at [email protected]
