Stocks making the biggest moves midday: AMC Entertainment, Mattel, Chevron, Spotify and more
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Check out the companies making headlines in midday trading.
AMC Entertainment — Shares of the movie theater chain surged 30%. On Friday, a judge blocked a proposed settlement on the company's stock conversion plan, which would have allowed the company to issue more shares to allow it to pay down some of its debt. Separately, AMC said it saw its biggest attendance and admissions revenue in a single weekend since 2019, nodding to the hype around the "Barbenheimer" phenomenon.
IMAX — The entertainment technology company jumped about 6% as Universal's «Oppenheimer» drove moviegoers to IMAX screens. B. Riley analyst Eric Wold said the over-indexing of IMAX screens in movie theatres coming out of the pandemic reflects improving consumer demand toward the format.
Mattel — The toymaker gained 1.9% coming off the successful opening weekend of «Barbie,» the Warner Bros. movie based on Mattel's iconic doll.
Chevron — The energy stock jumped 2.8% after the company released a preview of its quarterly results that showed stronger-than-expected earnings. Chevron reported $3.08 a share in adjusted profit, which beat Wall Street's $2.97-a-share consensus estimate, according to Refinitiv. The company's board is waiving the mandatory retirement age for chief executive officer Mike Wirth, allowing the firm more time to find a successor. Chevron also named a new CFO.
Knight-Swift Transportation — The freight transportation company's shares gained more than 1%. Late last week, the company posted a weaker-than-expected financial update for the second quarter. Knight-Swift reported adjusted earnings of 49 cents per share on revenue of $1.55 billion. Analysts expected 55 cents per share on revenue of $1.6 billion, according to
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