The Tesla logo is seen on a charging station in Virginia, Aug. 16, 2023.
Celal Gunes | Anadolu Agency | Getty Images
Check out the companies making the biggest moves midday.
Roku — Shares surged 3% following the announcement by the streaming company of a 10% staff layoff, office space consolidation, and expense reduction measures. Roku also revised its third-quarter revenue guidance to $835 million to $875 million, surpassing the previous estimate of $815 million.
Tesla — The electric vehicle manufacturer experienced a 3% decline in midday trading, in line with the overall downturn in major tech-related stocks. As reported by The Wall Street Journal, Elon Musk, CEO of Tesla, borrowed $1 billion from SpaceX in the same month he acquired Twitter.
AMC Entertainment — Share value plummeted by 28% after AMC announced its intention to sell up to 40 million new shares to generate capital. This move was anticipated after the conversion of preferred APE shares into AMC common stock in August.
Apple — The tech giant experienced a nearly 3.6% decline following a report by The Journal stating that China banned the use of iPhones and other foreign-branded devices by government officials during work hours. Bank of America estimates that such a ban, if enforced, could result in a headwind of five million to 10 million units.
AeroVironment — The unmanned aircraft manufacturer saw a 25% surge in stock price after reporting adjusted earnings per share of $1, exceeding analysts’ expectations of 26 cents (according to LSEG). Revenue also surpassed expectations, coming in at $152 million compared to the projected $129 million.
NextGen Healthcare — The healthcare software provider experienced a 14% surge in stock price after Thoma Bravo, a private equity firm, announced its plan to acquire the company for $23.95 per share, a 17% increase from the previous closing price.
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