Home Finance AMC, X, PYPL, TSLA and more

AMC, X, PYPL, TSLA and more

AMC, X, PYPL, TSLA and more


Traders work on the floor of the New York Stock Exchange, Aug. 22, 2022.

Brendan McDermid | Reuters

Check out the companies making headlines in midday trading.

AMC — Shares of the movie theater stock sank almost 35% after a judge late Friday approved AMC Entertainment’s plan to convert its preferred shares to common stock. AMC’s preferred units, or APEs, surged about 17%.

PayPal — PayPal stock added 2% after the company announced Intuit’s Alex Chriss would take over as chief executive beginning in September.

U.S. Steel, Cleveland-Cliffs — The steel maker founded by Andrew Carnegie and J.P. Morgan climbed nearly 32% after rejecting a buyout offer from peer Cleveland-Cliffs on Sunday, with the company asserting plans to consider other offers. Cleveland-Cliffs stock, meanwhile, climbed more than 8%.

Tesla — Shares slipped 2% after the company announced lowered prices on some models in China.

Hawaiian Electric — Shares plummeted more than 33% after Wells Fargo lowered its target price on the stock earlier and maintained an underweight rating Monday, citing wildfires in Maui as a looming risk.

Nikola — The stock lost 9% after the green truck maker announced a recall of 209 electric trucks following an independent investigation of a June fire. The company, which is coming off blows from complicated second-quarter earnings and news of a CEO departure, said this doesn’t affect its hydrogen fuel cell trucks.

Okta — Stock in the identity management firm added 2.4% in midday trading after an upgrade to buy from Goldman Sachs over an improving risk/reward ratio.

Teledyne Technologies — The conglomerate climbed 4% after Goldman Sachs upgraded the stock to a buy from neutral. Goldman called the company a cash compounder.

— CNBC’s Samantha Subin, Alex Harring, Pia Singh and Hakyung Kim contributed reporting.


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