Check out the companies making headlines in midday trading Monday.
Macy’s flagship store in Herald Square in New York, Dec. 23, 2021.
Scott Mlyn | CNBC
Colgate-Palmolive — Shares gained 2.8% after Morgan Stanley upgraded the stock to overweight from equal weight and named it the top pick in the household and personal care industry. The firm said the stock was at a good price point after a recent selloff.
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Tesla — Shares dropped 2.8% after Berenberg lowered its earnings estimate for Tesla by around 25% for 2023 following the company’s price cuts for its electric vehicles. However, the firm upgraded the stock to buy from hold.
GE Healthcare Technologies — The stock rose 4% after the company reported its first earnings after being spun off as a public company from General Electric. GE Healthcare’s revenue came in at $4.9 billion, an 8% year-over-year increase, and its fourth-quarter adjusted EPS was $1.31.
Ford Motor Company — Shares fell nearly 1.4% after the company announced price cuts for its electric Mustang Mach-E crossover. The move in Ford comes after Tesla said earlier this month it would trim prices to counteract dwindling demand.
Macy’s — Goldman Sachs said Macy’s is the best-positioned retailer and initiated coverage with a buy rating. The stock advanced 1.8%.
AMC Entertainment — Common shares of the theater chain fell by more than 7% after AMC announced a shareholder meeting in March for a potential change to its capital structure. The special meeting would allow shareholders to vote on increasing the total number of shares the company can issue and on a reverse stock split to convert its preferred shares to common shares. The preferred or “APE” shares, which trade at a large discount to the common shares, jumped by more than 16%.
Carvana — Shares surged 28.5% as an apparent short squeeze boosted the beleaguered stock. It was also briefly paused in early morning trading due to the rapid runup.
Modern — The vaccine producer fell another 3.2%. The company’s stock price has fallen about 7% since last week, after a Reuters report said the European Union is in talks with Pfizer and BioNTech to reduce the number of Covid-19 vaccine doses it’s committed to purchasing this year in exchange for paying a higher price per dose.
Advanced Micro Devices — Shares of semiconductor AMD fell 2.1% after a slew of Wall Street analysts said they were worried about the company’s upcoming earnings report following Intel’s disastrous release. The company is scheduled to report Tuesday.
— CNBC’s Hakyung Kim, Jesse Pound, Alex Harring, Carmen Reinicke, Michelle Fox Theobald, and Samantha Subin contributed reporting.