An AMC Theatre on March 29, 2023 in New York City. AMC Entertainment shares soared by 13% in response to news that Amazon was considering acquiring the theater chain.
Leonardo Munoz | Corbis News | Getty Images
Take a look at the noteworthy companies in morning trading.
AMC Entertainment — After a judge rejected a proposed settlement regarding AMC Entertainment’s preferred stock conversion plan, the company’s shares surged by 37%. AMC Entertainment has filed a revised stock plan, causing preferred shares to fall approximately 2% before the market opened.
Domino’s Pizza — During premarket trading, Domino’s stock declined by nearly 4% following mixed quarterly results. The company reported earnings of $3.08 per share on $1.02 billion in revenue, slightly missing analysts’ expectations of $3.05 per share on $1.07 billion in revenue.
Mattel — Following the successful box office performance of a movie based on one of Mattel’s dolls, Barbie, the toymaker experienced a 1.5% increase in its stock value. Warner Bros. Discovery, the parent company of the studio responsible for the film, also saw a modest 0.9% rise in its stock price.
Tesla — UBS downgraded Tesla’s stock rating to “underweight,” causing a decline of over 1%. UBS noted that the recent surge in demand driven by price cuts had already been fully priced into the stock.
American Express — Piper Sandler downgraded American Express shares to “underweight” and reduced its price target, causing a premarket decline of nearly 2%. The firm expressed concerns about the company’s ability to achieve its revenue and profit growth objectives.
UPS — As approximately 340,000 employees prepare for a nationwide strike, UPS shares fell by over 1% before the market opened.
Shopify — MoffettNathanson upgraded Shopify shares to an “outperform” rating, leading to a 2.5% increase in the e-commerce company’s stock. The upgrade was driven by the belief that Shopify’s enterprise business is approaching a turning point.
Chevron — Chevron’s shares rose by 0.5% following the announcement that long-time company veteran Eimear Bonner would assume the role of chief financial officer next year. Additionally, Chevron reported preliminary second-quarter adjusted earnings of $3.08 per share, surpassing analysts’ expectations.
— CNBC’s Alex Harring and Hakyung Kim contributed to this report.
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