Markets closed higher Monday, with the Dow notching an 11-day winning streak, as investors worked through earnings reports ahead of the Federal Reserve meeting later this week.
These stocks made moves Monday:
Shares of
AMC Entertainment
(
AMC
) jumped 33% after the movie-theater chain filed a revised stock conversion proposal after a judge blocked the company’s plan to convert its so-called APE shares into common stock. If the court agrees with the plan, AMC hopes to implement the plan “as soon as possible,” CEO Adam Aron said on Twitter over the weekend. The APE shares were down 0.3%.
AMC and
Imax
(IMAX) were getting a boost from the performance of blockbusters Barbie and Oppenheimer over the weekend, with Imax shares up 3%.
Chevron
(CVX) released a second-quarter performance update on Sunday that was better than analysts’ expectations. Adjusted profit of $3.08 a share topped consensus of $2.97. A year earlier,
Chevron
reported adjusted earnings of $5.82 a share. The major oil company is scheduled to report quarterly earnings on Friday. Chevron also announced that it was waiving its mandatory retirement age of 65 for CEO Mike Wirth, who will turn 63 later this year. The stock gained 1.9%.
Tesla
(TSLA) rose 3.5% to $269.06 after falling earlier in the session following a downgrade to Neutral from Buy at UBS. The analysts raised the price target on the stock to $270 from $220. “We think after the strong recent share performance, it is fully reflected that
Tesla
‘s price cut strategy has worked out well (solid demand response, only moderate decline in margins), while multiples have become more demanding … With a 12-month view, we’re downgrading TSLA to Neutral, but we continue to see a significant long-term opportunity in the stock.” Tesla stock has risen 118% this year.
Becton Dickinson
(BDX) rose 5.8% after its updated BD Alaris Infusion System received 510(k) clearance from the Food and Drug Administration. The stock also was upgraded to Outperform from Market Perform at Raymond James.
Domino’s Pizza
(DPZ) reported second-quarter earnings that beat analysts’ estimates but revenue that missed. The stock was up 0.1%.
Gilead Sciences
(GILD) declined 3.7% after the pharmaceutical company ended a late-stage trial of a treatment for a rare type of blood cancer.
Lam Research
(LRCX) was upgraded to Buy from Hold at
Stifel
and the analysts increased their price target on the chip-equipment company to $725 from $505. Shares rose 2.5% to $639.03.
ZoomInfo Technologies
(ZI) was down 3.2% to $25.82 after the stock was downgraded to Sector Perform from Outperform at RBC Capital.
Nvidia
(NVDA) gained 0.7% to $446.12. The price target on shares of the graphics chip maker was boosted to $530 from $400 by analysts at Mizuho.
Write to Joe Woelfel at [email protected]
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