AMC, Signify Health, Netflix and more
Netflix is expanding its push into mobile gaming.
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Check out the companies making the biggest moves midday Monday:
AMC — Shares of the theater chain fell 38% as investors weighed the company’s new preferred stock class and news that rival Cineworld was considering bankruptcy. AMC’s new APE units traded at about $7.50 per share, offsetting the significant losses for the common stock.
Bed Bath & Beyond and GameStop Other meme stock favorites Bed Bath & Beyond and GameStop have also been dropped. Bed Bath & Beyond fell more than 9% as investors continued to react to news that investor Ryan Cohen had sold his shares and a report that some suppliers had halted shipments to the retailer due to unpaid bills. GameStop followed, dropping by about 4%.
Signify Health — Shares of home health services provider jumped 33% after The Wall Street Journal and Bloomberg News reported that Amazon was among the bidders for the company. CVS and UnitedHealth are also reported to be bidding. Amazon shares fell 3%.
Netflix — The streaming service is down more than 6% after the CFRA cut the stock for sale. The company also lowered its target price to $238 from $245, just below Friday’s close.
Ford — Ford’s stock sank nearly 5% after a jury ruled against the automaker in a case involving a fatal crash that focused on roof power in one of its old pickup trucks. The company was ordered to pay $1.7 billion. Ford also announced Monday morning that it will cut about 3,000 jobs in the United States and Canada.
Tesla – Tesla shares fell 2.5% after CEO Elon Musk announced that the electric car maker will raise the price of a fully self-driving option by 25% in September. The cost will jump to $15,000 from $12,000.
Occidental Petroleum – Energy stocks fell more than 2% in a broad market sell-off, after rising 10% in the previous session. Occidental jumped in double digits on Friday after the news that Warren Buffett’s Berkshire Hathaway has secured regulatory approval to buy up to 50% of the oil giant.
DocuSign — Shares of the electronic signature company fell 3.45% after a price target and rating downgrade from RBC to outperform the sector as the company searches for a new CEO.
VF Corp — Shares of parent company VF Corp sank 4 percent Monday after Quinn downgraded the stock to market performance and lowered its target price. The company changed its rating, citing potential consumer weakness if there was a recession in the United States or abroad, and rising retailer inventories.
Travel stocks – Travel stocks struggled along with the broader market. Shares of cruise lines such as Carnival, Royal Caribbean Group and Norwegian Cruise Line Holdings fell 3.7%, 3.67% and 30.5%, respectively. United Airlines shares fell 3.44%, and Delta Air Lines fell 1.9%. Wynn Resorts fell 4.2%.
Technology stocks – Technology stocks fell on fears of larger interest rate hikes by the Federal Reserve. Apple, Amazon and Alphabet shares fell 1.6%, 2.95% and 2.07%, respectively, while Salesforce fell more than 3%. Semiconductor stocks also took a hit, with Micron and Advanced Micro Devices down more than 2% each and Nvidia down more than 3%.
– CNBC’s Samantha Soobin, Yoon Lee, Jesse Pound, Carmen Renick and Sarah Min contributed to the report.