AMC, BlackBerry, Ford and more
Ford Motor Co. CEO Jim Farley speaks during a press conference at the Rouge Complex in Dearborn, Michigan on September 17, 2020.
Rebecca Cook | Reuters
Find out which companies are making the midday headlines.
AMC Entertainment – The cinema operator’s shares fell about 30% after AMC said it could offer and sell up to 11.55 million shares of its Class A common shares. The additional shares dilute the value of the existing shares to shareholders. AMC grabbed the attention of Wall Street this week as retail investors doubled down on the ailing company. The stock rose 95% on Wednesday alone.
Blackberry – Shares of the tech company were down more than 4% by midday after jumping more than 20% shortly after the opening bell. Blackberry has become one of the most discussed actions on Reddit in recent days, which has helped fuel a rally.
GameStop, Bed bath and beyond and Express – Other meme stocks popular among retail investors fell on Thursday, mirroring AMC’s downfall. Shares of GameStop, which grabbed headlines earlier this year in a short squeeze fueled by retail traders, erased 10%. Bed Bath & Beyond shares fell nearly 27% after rallying more than 60% the day before. Express shares fell about 25% after the retailer announced a plan to sell shares of 15 million shares.
Ford – US automaker trades around 5.7% higher after that unveiled a new compact pickup truck called Maverick, which Ford expects to go on sale by the end of the year. The company hopes the addition to its line of trucks will attract more west coast customers.
General Motors – General Motors shares jumped more than 5% after the automaker announced it increase production large and mid-size pickup trucks in North America to meet growing demand. The company has also raised its expectations for financial results from the first half of 2021.
Twitter – Twitter shares rose about 1% after the social media company launched its first subscription service, Twitter Blue, to diversify its advertising-dominated sources of income. Users will pay a low monthly fee for exclusive features and the company will begin rolling out them in Canada and Australia.
FireEye – Shares of the cybersecurity company fell more than 15% after the company said it sell your product business to Symphony Technology Group – a private equity firm – for $ 1.2 billion. The sale includes the name “FireEye”. The remaining cybercrime unit will be known as Mandiant Solutions. “After closing, we will be able to focus exclusively on scaling our front-line intelligence and expertise through the Mandiant Advantage platform, while the FireEye Products business will be able to prioritize investments across its portfolio of cloud-based security products, ”said CEO Kevin Mandia.
Ciena Corp – Shares of the communications technology company jumped more than 8% after releasing quarterly earnings earlier in the morning. Ciena brought in 62 cents per share, beating analysts’ estimates of 14 cents per share and $ 834 million in revenue.
Splunk – Shares of the software company fell about 9% at midday after reporting a larger-than-expected quarterly loss. Splunk lost 91 cents per share, more than the expected 70 cents per share, according to Refinitiv. The revenues, however, exceeded analysts’ estimates.
Tilray – Shares of the Canadian cannabis producer climbed 3.8% after Cantor Fitzgerald released new financial estimates for the company following the finalization of its merger with Aphria. The brokerage firm rated Tilray as overweight and praised its scale and international business opportunities.
Modern – Moderna shares gained 2% at midday after the company announced it was in a supply deal with the government of Botswana for its Covid-19 vaccine. The deal comes after Moderna struck a deal with a Covax initiative backed by the World Health Organization to deliver up to 500 million doses of its inoculation.
– CNBC’s Maggie Fitzgerald, Tanaya Macheel, Yun Li, Tom Franck, Jesse Pound and Pippa Stevens contributed reporting
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