Striking Writers Guild of America members walk the picket line in front of Netflix offices in Los Angeles, July 12, 2023.
Mike Blake | Reuters
Discover the latest stock market updates:
Visa – After revealing plans to restructure its shares, the credit card giant experienced a 2.5% decline in its stock price. Visa aims to secure shareholder approval for an exchange offer that would lift restrictions on a portion of its Class B shares, which are held by U.S. banks.
Semtech – Beating analysts’ earnings expectations for Q2, the semiconductor company saw a 10% surge in its stock. Adjusted earnings per share came in at 11 cents, surpassing the consensus estimate of 2 cents per share from FactSet. However, Semtech provided a weak outlook for Q3.
Penn Entertainment – The sports betting company experienced an 8.7% rally in its shares on Thursday. Deutsche Bank initiated a short-term catalyst call to buy Penn, citing an undervalued position before the launch of ESPN BET in November.
Netflix
– In midday trading, the streaming giant’s shares declined by 2.8% after Chief Financial Officer Spencer Neumann commented on the negative impact of the ongoing Hollywood writers’ strike on business. Neumann also cautioned that the ad-supported streaming option would not contribute significantly to revenue in the short term and predicted slower growth in operating margins.
Yum China – The restaurant conglomerate’s shares rose by 5.4% during midday trading. Yum China unveiled plans to expand to 20,000 locations by 2026 and announced new financial targets at an investor day.
AMC Entertainment – The meme stock darling experienced a 1.1% decline after completing its previously announced equity offering. AMC sold 40 million shares at an average price of $8.14, raising approximately $325.5 million.
Etsy
– The e-commerce retailer witnessed a 3.2% surge in its stock price. Wolfe Research upgraded Etsy to “outperform” from a “peer perform” rating, citing improvements in consumer spending and margins.
HP – On news that Warren Buffet’s Berkshire Hathaway sold about 5.5 million shares of HP stock, amounting to approximately $158 million, the PC and printer company experienced a 1.7% decline in its stock price, according to a regulatory filing.
Exxon Mobil, Chevron – As U.S. oil prices exceeded $90 per barrel for the first time since November 2022, shares of the oil majors rose. Exxon shares gained 1.7%, while Chevron saw nearly a 1% increase.
– Contributions to this story made by CNBC’s Samantha Subin, Pia Singh, and Alex Harring.
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