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AMC Entertainment has reached a settlement allowing it to proceed with the conversion of AMC preferred stock units into common stock.
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Stocks fell on Tuesday as inflation remained a focus following a surge in oil prices.
These stocks had notable moves on Tuesday:
AMC Entertainment
(AMC) was sinking after reaching a settlement that allowed the cinema chain to proceed with the conversion of AMC preferred stock (APE) units into common stock. AMC Entertainment’s share price fell 14% to $4.41, while APE’s share price rose more than 17% to $1.74.
Virgin Orbit
(VORB) has filed for Chapter 11 bankruptcy protection after failing to raise sufficient funds to continue its operations. The stock price he dropped 22% to about 15 cents.
aerobics
(AVAV) has been upgraded from Outperform to Strong Buy by Raymond James analysts. Shares rose 12%.
lighting company sight brands (AYI) reported adjusted earnings of $3.06 per share for the second quarter of the fiscal year, beating analysts’ expectations of $2.73. However, quarterly sales fell short of Wall Street expectations. Shares fell 7.7%.
Etsy
(ETSY) rose 4.7% to $113.29 after Piper Sandler analysts pushed the stock from neutral to overweight.
Service Now (NOW) Shares of the workflow management software company climbed 1.9% to $472.84 after being upgraded from neutral to outperforming in Baird. The price target has been increased from $475 to $548.
Burlington store (BURL) rose 1.7% after Loop Capital upgraded its stake in the off-price retailer from hold to buy.
boeing
(BA) shares fell 1.6% after North Coast analysts downgraded their shares in the aircraft maker and aerospace giant from neutral to sell.
Citi analysts
Sarepta Therapeutics
(SRPT) Purchase Rating. Shares rose 1% on Tuesday.
walmart
(WMT) will start a two-day investor conference on Tuesday. The world’s largest retailer last month released fiscal 2024 earnings guidance that fell short of analyst estimates. “Looks like it’s coming,” he said, adding that he expects to hear from Walmart about a good start to the fiscal year.
Write to Joe Woelfel (joseph.woelfel@barrons.com) and Angela Palumbo (angela.palumbo@dowjones.com).
