Striking Writers Guild of America members walk the picket line in front of Netflix offices in Los Angeles, July 12, 2023.<\/p>\n
Mike Blake | Reuters<\/p>\n<\/div>\n<\/div>\n<\/div>\n
Check out the companies making headlines in midday trading:<\/em><\/p>\n Visa<\/a><\/span><\/span><\/span> \u2014 The credit card behemoth’s stock was trading more than 2% lower after announcing plans to change its share structure. Visa’s Class A shares are held by the public, its B shares are held by U.S. banks, while C shares are owned by foreign banks. The company wants shareholders to approve an exchange offer that would release transfer restrictions on portions of the Class B stock.<\/p>\n Semtech<\/a><\/span><\/span><\/span> \u2014 The semiconductor stock rose 7% after beating earnings expectations for the second quarter. Semtech earned 11 cents per share after adjustments, exceeding the consensus estimate of 2 cents per share from analysts polled by FactSet. However, the company offered weak guidance for the third quarter.<\/p>\n Penn Entertainment<\/a><\/span><\/span><\/span> \u2014 The sports betting company’s shares rallied 6% Thursday. Deutsche Bank\u00a0initiated<\/a>\u00a0a short-term catalyst call to buy Penn, citing an inexpensive valuation ahead of the launch of ESPN BET, which debuts in November.<\/p>\n Netflix<\/a><\/span><\/span><\/span> \u2014 The streaming giant’s shares slipped roughly 2% in midday trading after Chief Financial Officer Spencer Neumann said the ongoing Hollywood writers’ strike is bad for business. Speaking at a conference Wednesday, Neumann also cautioned that its ad-supported streaming option wouldn’t help move revenue forward in the short term and said operating margins would grow slower moving forward.<\/p>\n Yum China<\/a><\/span><\/span><\/span> \u2014 The restaurant conglomerate’s shares gained nearly 6% during midday trading after it announced new financial targets and unveiled plans to expand to 20,000 locations by 2026 during an investor day.<\/p>\n AMC Entertainment<\/a><\/span><\/span><\/span> \u2014 The meme stock darling added 3% after AMC said it had completed the equity offering it announced earlier this month. The movie theater chain said it sold 40 million shares at an average price of $8.14, raising about $325.5 million.<\/p>\n Etsy<\/a><\/span><\/span><\/span> \u2014 The e-commerce retailer’s stock rose nearly 3% after Wolfe Research upgraded Etsy to outperform from a peer perform rating<\/a>, citing improving consumer spending and margins.<\/p>\n HP<\/a><\/span><\/span><\/span> \u2014 The PC and printer stock slipped nearly 3% on news that Warren Buffet’s Berkshire Hathaway sold about 5.5 million shares of its<\/a> stock, amounting to roughly $158 million, a regulatory filing showed.<\/p>\n Exxon Mobil<\/a><\/span><\/span><\/span>, Chevron<\/a><\/span><\/span><\/span> \u2014 Shares of the oil majors were trading higher Thursday as U.S. oil prices surpassed $90 per barrel for the first time since November 2022<\/a>. Exxon shares gained 1.5%, while Chevron added nearly 1%.<\/p>\n \u2014 CNBC’s Samantha Subin, Pia Singh and Alex Harring contributed reporting.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n Source: www.cnbc.com<\/p>\n","protected":false},"excerpt":{"rendered":" Striking Writers Guild of America members walk the picket line in front of Netflix offices in Los Angeles, July 12, 2023. Mike Blake | Reuters Check out the companies making headlines in midday trading: Visa \u2014 The credit card behemoth’s stock was trading more than 2% lower after announcing plans to change its share structure.…<\/p>\n","protected":false},"author":1,"featured_media":48802,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"WB4WB4WP_MODE":"","WB4WP_PAGE_SCRIPTS":"","WB4WP_PAGE_STYLES":"","WB4WP_PAGE_FONTS":"","WB4WP_PAGE_HEADER":"","WB4WP_PAGE_FOOTER":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[78],"tags":[],"class_list":["post-48801","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\n