Stocks making the biggest moves midday: Devon Energy, Cloudera, AMC and more
Here’s a list of the businesses making headlines in the trading news.
Devon Energy and Marathon Oil — Shares of Devon Energy and Marathon Oil both increased about 14 percent in response to higher oil prices. The U.S. oil benchmark, West Texas Intermediate crude futures, soared to its highest level in more than two years on Tuesday, propelling the energy industry as a whole. Occidental increased by 9.7 percent, Exxon increased by 3.6 percent, and Chevron increased by 2.7 percent.
Cloudera — The software company’s shares soared nearly 24% after it announced a $5.3 billion buyout agreement with investment firms KKR and Clayton, Dubilier & Rice. Cloudera will become a private corporation due to the transaction, an all-cash deal and valued at $16 per share.
AMC — AMC shares rose around 22.7 percent after the theatre chain disclosed in a regulatory filing that it sold more than 8 million shares to an investment group. Later that day, Bloomberg News reported that the business had sold all of its stock in AMC. The stock, which is popular on Reddit’s WallStreetBets site, soared 116 percent last week on heavy activity driven by retail traders.
Cinemark — Shares of the cinema chain rose 7.7 percent after movie ticket sales over Memorial Day weekend hit their highest level since the outbreak began. Over the holiday weekend, North American theatres grossed roughly $100 million. The best three-day gross of the pandemic was $48.4 million for Paramount’s “A Quiet Place Part II.”
Canopy Growth — Shares of the cannabis company slumped 6.9 percent after its quarterly financial results fell short of Wall Street forecasts. According to Refinitiv, Canopy Growth reported C$148 million in fourth-quarter net sales ($122.9 million), compared to analysts’ C$152 million projection ($126.2 million).
Abbott Laboratories — Shares of Abbott Laboratories slumped 9.3 percent after the firm reduced its fiscal year 2021 projection. According to generally accepted accounting principles (GAAP), Abbott now forecasts diluted profits per share (EPS) of between $2.75 and $2.95, compared to its earlier forecast of GAAP EPS of at least $3. According to FactSet, Abbott now expects adjusted earnings per share of $4.30 to $4.50, down from the prior prediction of at least $5.00.
Boeing — Shares were up 3% on May 25th, 2021. In comparison, the S&P 500 and Dow Jones Industrial Average had climbed approximately 0.3 percent and 0.4 percent, respectively. Boeing is depleting its financial reserves due to a significant slowdown in deliveries due to Pandemic lockdowns. Before the epidemic and before the 737 MAX airplane was grounded in 2019, Boeing made more than $20 in free cash flow per share in 2017 and 2018.
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