Traders are actively engaged on the trading floor of the New York Stock Exchange, Aug. 22, 2022.
Brendan McDermid | Reuters
Discover the latest news about companies that are making waves in midday trading.
AMC — The stock of the popular movie theater chain experienced a significant drop of nearly 35% following a judge’s late Friday approval of AMC Entertainment’s plan to convert its preferred shares to common stock. However, AMC’s preferred units, also known as APEs, saw a surge of about 17%.
PayPal — PayPal’s stock increased by 2% following the company’s announcement that Alex Chriss from Intuit will assume the role of chief executive starting in September.
U.S. Steel, Cleveland-Cliffs — The steel manufacturing company, established by Andrew Carnegie and J.P. Morgan, witnessed a gain of nearly 32% after rejecting a buyout offer from rival Cleveland-Cliffs on Sunday. U.S. Steel affirmed its intentions to consider other offers, while Cleveland-Cliffs’ stock rose by over 8%.
Tesla — Shares of the electric vehicle manufacturer declined by 2% after announcing reduced prices for some models in China.
Hawaiian Electric — The stock of Hawaiian Electric plummeted by more than 33% after Wells Fargo lowered its target price for the stock and maintained an underweight rating on Monday. The bank cited the risk of wildfires in Maui as a concerning factor.
Nikola — The stock of the green truck manufacturing company experienced a 9% decline following a recall of 209 electric trucks. This recall came after an independent investigation revealed a June fire incident. However, Nikola assured that this issue does not affect its hydrogen fuel cell trucks. The company is already reeling from complicated second-quarter earnings and news of a CEO departure.
Okta — Stock in the identity management firm rose by 2.4% during midday trading after receiving an upgrade to buy from Goldman Sachs due to an improved risk/reward ratio.
Teledyne Technologies — The conglomerate saw a 4% increase in its stock price after Goldman Sachs upgraded the rating to buy from neutral. The investment bank praised the company’s ability to generate cash.
— CNBC’s Samantha Subin, Alex Harring, Pia Singh, and Hakyung Kim contributed to this report.
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