AMC Entertainment – The stock price of AMC Entertainment, a theater chain, decreased by 22% when the company announced an agreement with some of its shareholders. The deal could potentially enable the company to generate additional funds and transform its preferred shares into common stock. Following the announcement, the value of AMC’s “APE” preferred shares increased by 8.5%.
General Motors – General Motors’ stock dropped by 2.2% in response to the news that around 5,000 white-collar employees of the automobile manufacturer chose to take part in a buyout initiative that was announced the previous month as a measure to prevent layoffs. On Tuesday, GM’s CFO, Paul Jacobson, stated that the company anticipates incurring a cost of approximately $1 billion due to this program, which forms a part of GM’s goal to reduce structural expenses by $2 billion by the end of 2024.
Boeing – Boeing’s stock experienced a decline of nearly 2% following a downgrade from Northcoast Research, which changed the aerospace manufacturer’s rating to “sell.” The research firm stated that they anticipate changes in Boeing’s commercial aircraft production, resetting of consensus forecasts, and volume headwinds for the company in the upcoming quarter based on their conversations with industry contacts.
Caterpillar – The stock of Caterpillar, a construction equipment manufacturer, declined by 5.2%, which may result in breaking a six-day winning streak. The Institute for Supply Management and Purchasing Managers indexes’ weaker-than-expected readings on Monday have subdued the manufacturing outlook and raised concerns about construction spending, which has slowed down. Other manufacturing and equipment companies have also experienced a decline on Tuesday, such as United Rentals losing 8%, Deere & Company shedding 3.7%, and Eaton decreasing by almost 4%.
ServiceNow – ServiceNow, a software company, saw an increase in its stock by 2.8% after Baird upgraded the stock from neutral to overweight. The firm stated that despite a challenging macroeconomic climate, the continuous requirement for efficiency should enable ServiceNow shares to experience robust revenue growth. The stock has increased by over 22% year-to-date, after experiencing a decline of 40.2% in 2022.
Virgin Orbit – The stock of Virgin Orbit, a satellite launch company based in California, experienced a decline of more than 22% after the company filed for Chapter 11 bankruptcy protection. Virgin Orbit stated that it is seeking to sell its assets and will lay off almost all of its employees. The stock has lost almost 92% year-to-date.
Etsy – Etsy’s shares increased by 2.4% following an upgrade from Piper Sandler, which changed the e-commerce stock’s rating from neutral to overweight. The firm stated that the strengths of Etsy’s marketplace should assist in revitalizing active buyer growth.