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And More December 19, 2022 3 mins read

Biggest Market Movers Middaday: Disney, Tesla, Carnival and more

And More ı By Rochdi Rais

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Check out the companies making the biggest moves midday Monday:

 

Disney — Disney fell 3.6% after its film, “Avatar: The Way of the Water” fell short of box office expectations. The highly-anticipated movie brought in $134 million, less than the $175 million expected by analysts and under the $135 million to $150 million range Disney had forecast.

 

Aerojet Rocketdyne, L3Harris Technologies — Shares of Aerojet Rocketdyne rose 1.6% after the defense contractor agreed to be bought by rival L3Harris Technologies for $4.7 billion, or $58 per share in cash. L3 Harris fell more than 3%.

 

Casino operators — Wynn Resorts fell 4.2%, while MGM Resorts lost 2.9% and Las Vegas Sands dropped 1.6%. The casino operators were just awarded new 10-year concessions, or operating agreements, to operate their Macao casino resorts. Wynn has committed to investing $2.2 billion in Macao, while Las Vegas Sands is looking at a $3.75 billion investment and MGM plans to invest $2.1 billion.

 

Tesla — Tesla’s stock rose as much as 3.3% after CEO Elon Musk, who also owns Twitter, took to the social media platform to poll whether he should stay on as its chief executive. Most voters said yes. However, Tesla failed to maintain those gains and was last down 0.5%.

 

Mesa Air Group — Shares of the airliner jumped 5% after Mesa Air announced it is finalizing a deal to run regional flights for United Airlines, while ending its partnership with American Airlines.

 

Carnival — The cruise line fell nearly 4% after an industry publication reported it canceled bookings for the Carnival Vista in early 2024 and is now set to drydock for just over a month.

 

Warner Bros Discovery — Warner Bros. Discovery continued its slide since announcing last week it was increasing its restructuring cost estimates by $1 billion. Shares were down more than 5% in midday trading.

 

Sinclair Broadcast Group — Sinclair dropped 4.7% after the New York Post reported talks for the NBA, MLB and NHL to acquire its regional sports network, Diamond Sports Group, are faltering — raising the likelihood of a bankruptcy filing for the group.

 

Meta — Meta dipped 2.2% after the European Commission said the Facebook parent might be violating EU antitrust laws. The EU also said Meta could be subject to a fine of up to 10% of annual revenue if it determines the laws were violated.

 

Pentair — Shares of pool water treatment company Pentair gained 2% after being upgraded by Stifel to buy from hold. The firm said challenges to the pool industry are “well understood and at least fully priced in.”

 

TuSimple Holdings— The self-driving truck startup TuSimple’s stock jumped 8.1% after the Wall Street Journal reported the company is cutting its staff in half, citing people familiar with the matter. TuSimple had about 1,430 employees as of June.

 

Warner Music Group — Shares gained 2.5% following an upgrade to overweight from Atlantic Equities. Analysts said the stock could gain more than 20% as the global music streaming market grows.

 

NRG Energy — NRG Energy’s stock was up 1.7% after being upgraded to neutral from underperform by Bank of America. The firm said the stock is now at fair value, following an early December sell off on its acquisition of smart-home platform Vivint.

 

Coinbase — Shares of Coinbase slid 3.16%, hitting a fresh 52-week low, as the fallout of FTX continues to slam the crypto industry. The stock is down more than 85% this year.

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Rochdi Rais

Rochdi Rais is the Head of Growth and financial and legal writer at USA Herald. He has been writing and editing financial, legal and U.S. news for years with over +4000 articles published during his career.

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