Disney World celebrated its 50th anniversary in April 2022.
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Check out the companies making headlines in midday trading on Monday.
Poshmark – Shares of the second-hand fashion retailer jumped 15% after Barclays upgraded them to overweight at equal weight. The company said it sees more than 40% upside potential for the stock, particularly if consumers trade during a recession.
Disney – Shares of the entertainment company gained 2.8% after Daniel Loeb’s Third Point took a new stake in the giant. In a letter to Disney CEO Bob Chapek, the activist investor said there is a strong case for splitting up sports network ESPN. Loeb also called on Disney to speed up the integration of the Hulu streamer.
Vroom – Shares of car sales platform Vroom fell 6% after JPMorgan said it was time to sell the business, which has lost more than 80% this year so far. The company also took a bearish stance on the used-car industry, seeing it struggling in 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 move, Unity is continuing with its previously announced acquisition of ironSource. AppLovin shares fell 6.4%.
Bed Bath & Beyond – Shares of Bed Bath and Beyond soared more than 8% amid an ongoing meme-stock trading frenzy that sent shares of the retailer soaring. So far in August, the stock is up almost 180%.
Energy stocks – Energy names tumbled along with the price of oil, which fell on Monday after China released weak economic data. Valero lost more than 3%, Marathon Oil fell almost 2.7% and Chevron fell 2%.
Embecta — The diabetes management company’s stock jumped 17% on better-than-expected quarterly results. Embecta reported earnings of $1.07 per share, beating a StreetAccount estimate of 87 cents per share. The company’s revenue of $291 million also beat the forecast of $276.9 million.
Moderna – Shares of the biopharmaceutical company rose more than 2% after news on Monday that the UK had approved Moderna’s updated Covid-19 vaccine. The dual vaccine, which targets both the original virus and the new omicron variant, is expected to be available for adults as a booster in the fall.
Gilead Sciences – Gilead Sciences gained 4.2% after a trial showed its drug Trodelvy significantly improved the overall survival rate for patients with metastatic breast cancer.
Illumina – Illumina jumped 9.4%, rebounding from slipping last week when it reported earnings that fell short of Wall Street expectations. The company released quarterly results that missed both earnings and revenue and released an outlook that disappointed analysts.
Seagen – Seagen fell more than 2% after the company announced an arbitrator ruled in favor of Daiichi Sankyo, a Japanese pharmaceutical company, in a dispute over drug technology.
– CNBC’s Michelle Fox, Yun Li, Jesse Pound and Tanaya Macheel contributed reporting.