Disney World celebrated its 50th anniversary in April 2022.
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Check out the companies making headlines on Monday lunchtime.
Poshmark – Shares of the second-hand fashion retailer rose 15% after Barclays upgraded it from equal weight to overweight. The company said it sees more than 40% potential upside for the stock, especially if consumers trade lower in a recession.
Disney — Shares of the entertainment company rose 2.8% after Daniel Loeb’s Third Point acquired a new stake in the giant. In a letter to Disney CEO Bob Chapek, the activist investor said there were strong arguments that sports network ESPN should be spun off. Loeb also urged Disney to accelerate the integration of streamer Hulu.
Vroom – Shares in auto sales platform Vroom fell 6% after JPMorgan said it was time to sell the company, which is down more than 80% so far this year. The company also took a bearish stance on the used-car industry as it grappled with a potential recession.
Unity, AppLovin – Unity Software fell more than 6.7% after the company announced it was rejecting an unsolicited takeover bid from AppLovin. As part of the decision, Unity is proceeding with the previously announced acquisition of ironSource. AppLovin’s shares fell 6.4%.
Bed Bath & Beyond — Shares of Bed Bath and Beyond surged more than 8% amid an ongoing meme stock trading frenzy that drove the retailer’s shares higher. So far in August, the stock is up almost 180%.
Energy Stocks – Energy stocks slumped along with oil prices, which fell on Monday after China reported weak economic data. Valero is down more than 3%, Marathon Oil is down almost 2.7% and Chevron is down 2%.
Embecta — The diabetes management company’s stock rose 17% on better-than-expected quarterly results. Embecta posted earnings of $1.07 per share, beating a StreetAccount estimate of 87 cents per share. The company’s revenue of $291 million also beat a forecast of $276.9 million.
Moderna – Shares of the biopharmaceutical company rose more than 2% after it was announced on Monday that the UK had approved Moderna’s updated Covid-19 vaccine. The dual vaccine, targeting both the original virus and the newer Omicron variant, is expected to be available as a booster dose for adults in the fall.
Gilead Sciences — Gilead Sciences rose 4.2% after a study showed its drug Trodelvy significantly improved overall survival for patients with metastatic breast cancer.
Illumina – Illumina rose 9.4% and rebounded after slipping last week as it reported earnings that fell short of Wall Street’s expectations. The company reported quarterly results that missed both earnings and sales and issued an outlook that disappointed analysts.
Seagen – Seagen slipped more than 2% after the company announced an arbitrator ruled in favor of Daiichi Sankyo, a Japanese pharmaceutical company, in a drug technology dispute.
– CNBC’s Michelle Fox, Yun Li, Jesse Pound and Tanaya Macheel contributed coverage.