SBUX, CMG, HD, TME and more
Check out the companies making headlines in midday trading. Starbucks , Chipotle Mexican Grill — Starbucks stock shot up 21% after the coffee chain ousted CEO Laxman Narasimhan effective immediately and replaced him with Chipotle CEO Brian Niccol, who will step in Sept 9. Three Wall Street firms already upgraded Starbucks stock after the news. Shares of Chipotle shed 9% on Niccol’s departure. Home Depot — The home improvement retailer gained 2%, after falling as much as 4% in the premarket after Home Depot issued lackluster guidance because of a cautious consumer. The company expects full-year comparable sales will fall by 3% to 4%, compared with the previous fiscal year. Home Depot had anticipated a roughly 1% decline. Dell Technologies — The technology stock popped 6% on the back of a Barclays upgrade to equal weight from underweight. The bank said Dell’s recent pullback can account for concerns around the durability of demand for artificial intelligence offerings. Tencent Music Entertainment Group — Shares plunged around 15% after the China-based music streaming company reported a 1.7% year-over-year revenue decrease. Mobile monthly active users also missed analyst expectations, according to FactSet. Hormel Foods — Shares rose 2% after Citigroup upgraded the stock to buy from neutral. The firm cited improving retail sales trends and input cost environment, as well as potential upside to its margins in the turkey segment. On Holding — The athletic apparel stock jumped about 7% following On Holding’s second-quarter results . Revenue of 567.7 million Swiss francs topped the 562.1 million expected by analysts polled by StreetAccount. However, earnings of 0.14 Swiss francs per share, or about US$0.16, disappointed the consensus estimate of 0.16 Swiss francs. ViaSat — The satellite stock dropped 20% after securities filings showed that several major shareholders were looking to make significant sales. The filings showed that the shareholders, including the Ontario Teachers’ Pension Plan Board, were working with Morgan Stanley to sell a total of about 11 million shares of ViaSat. Rumble — Shares advanced more than 5% after the video sharing company’s second-quarter results beat expectations on the top and bottom lines. Rumble posted a narrower-than-expected loss of 13 cents per share, compared with the loss of 15 cents per share expected by analysts, according to FactSet. Revenue of $22.5 million exceeded the $19.7 million consensus estimate. Madison Square Garden Sports — Shares rose 1% after Madison Square Garden Sports reported strong fiscal fourth-quarter results . Adjusted operating income of $56.5 million far exceeded the FactSet consensus estimate of $12.3 million. Baxter International — The health care stock dropped 6% after Baxter International agreed to sell its Vantive kidney care segment to Carlyle for $3.8 billion. B. Riley Financial — The financial services stock moved around 9% lower, hitting a 52-week low and extending the huge losses seen during Monday’s session after B. Riley filed to delay its second-quarter report on its 10-Q SEC form. On Monday, the stock dropped nearly 52% on reports that the company is facing an SEC investigation into its risk disclosures. — CNBC’s Sean Conlon, Michelle Fox, Alex Harring, Hakyung Kim and Jesse Pound contributed reporting
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