View the companies grabbing attention during noon trade.
AMC — Following the judge’s approval of AMC Entertainment’s plan to convert its preferred shares into common stock late on Friday, shares of the movie theatre company fell by about 35%. APEs, or AMC’s favoured units, increased by around 17%.
PayPal – Following the company’s announcement that Intuit’s Alex Chriss would take over as CEO in September, shares of PayPal rose 2%.
United States Steel, Cleveland-Cliffs — The steel manufacturer founded by Andrew Carnegie and J.P. Morgan increased by about 32% after rejecting a takeover bid from rival Cleveland-Cliffs on Sunday. The business stated that it will continue to look at other offers. In contrast, Cleveland-Cliffs shares increased by more than 8%.
Tesla – Following the company’s announcement that some models will now be cheaper in China, shares fell 2%.
Hawaiian Electric — After Wells Fargo dropped its target price and kept its underweight rating on the stock on Monday, citing the threat of wildfires on Maui, shares of the company fell more than 33%.
Nichola — Following an independent inquiry into a fire in June, the manufacturer of green vehicles announced a recall of 209 electric trucks, which caused the stock to drop by 9%. The business, which is already reeling from difficult second-quarter profits and the departure of the CEO, claimed that this has no bearing on its hydrogen fuel cell vehicles.
Okta— Stock in the identity management company increased 2.4% in noon trading following a recommendation to purchase from Goldman Sachs due to an increasing risk benefit ratio.
Teledyne Technologies—The multinational company gained 4% when Goldman Sachs changed the stock’s recommendation from neutral to buy. The business was dubbed a cash compounder by Goldman.
Source (CNBC)
