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AMC has filed a revised stock conversion settlement plan.
The time of dreams
Stock futures rose slightly on Monday ahead of a week filled with interest rate decisions from the Federal Reserve and European Central Bank, and earnings from more than 150 companies around the world.
S&P500,
including tech giants
Microsoft
,
Alphabet
,
Metaplatforms
,
And
Amazon.co.uk
.
These stocks were set to move on Monday:
Shares of
AMC Entertainment
(
CMA
) jumped 72% in premarket trading after the movie theater chain filed a revised share conversion proposal after a judge blocked the company’s plan to convert its so-called APE shares into ordinary shares. If the court agrees with the plan, AMC hopes to implement the plan “as soon as possible,” CEO Adam Aron said on Twitter over the weekend. APE shares fell by 8.3%.
Chevron
(CLC) published a second quarter performance update Sunday was better than analysts’ expectations. Adjusted earnings of $3.08 per share beat the consensus of $2.97. One year earlier,
Chevron
reported adjusted earnings of $5.82 per share. The main oil company is due to publish its quarterly results on Friday. Chevron also announced it was waiving the mandatory retirement age of 65 for CEO Mike Wirth, who turns 63 later this year. The stock rose 0.2% in premarket trading.
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(TSLA) fell 1.3% to $256.59 after shares in the electric vehicle maker were downgraded to Neutral from Buy at UBS. Analysts, however, raised the share price target to $270 from $220. “We believe that after the stock’s recent strong performance, it is fully reflected that
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the price reduction strategy has
performed well (solid demand response, only a moderate decline in margins), while multiples became more demanding… With a 12-month view, we are downgrading TSLA to Neutral, but we continue to see significant long-term opportunity in the stock. Tesla stock is up 111% this year.
Becton Dickinson
(BDX) rose 5.2% after its updated BD Alaris infusion system received 510(k) clearance from the Food and Drug Administration. The title was also upgraded to Outperformer from Market Perform at Raymond James.
Dominos Pizza
(DPZ) is expected to report on the second quarter before the opening bell on Monday, while after the markets close reports are expected from
NXP Semiconductors
(NXPI),
International Logitech
(THE WINDOWS),
F5
(FFIV),
Cleveland Cliffs
(CFL), and
Tourbillon
(WHR).
Reports are expected later in the week from the tech giants
Microsoft
(MSFT),
Alphabet
(GOOGL),
Metaplatforms
(META), and
Amazon.co.uk
(AMZN).
Write to Joe Woelfel at joseph.woelfel@barrons.com
