AMC stock was rising sharply Thursday.
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Stocks turned higher Thursday after trading lower for most of the session as investors weighed data that showed a cooling labor market.
These stocks were making notable moves Thursday:
AMC Entertainment Holdings
(AMC) jumped 21.4% after a judge denied the movie theater chain’s attempt to resolve a shareholder court fight over a proposed conversion of AMC Preferred Equity units into common stock. AMC said it won’t move forward with plans for a reverse stock split or the conversion of its AMC Preferred Equity Units into Class A common stock at this time. APE shares dropped 8.8%.
Lumentum Holdings
(LITE) said fiscal third-quarter revenue would come in under the low end of the company’s prior guidance range after disclosing that a “network equipment manufacturer who represented more than 10% of our fiscal second-quarter revenue” … “would not take the shipments we had originally projected for the quarter.” The maker of optical-networking components projected third-quarter sales of $380 million to $384 million, down from previous guidance for $430 million to $460 million. The stock was tumbling 10%. It was downgraded to Neutral from Buy at Rosenblatt.
Ciena
(CIEN), a major Lumentum customer, fell 3.2% but pared earlier losses after reiterating its outlook for the fiscal second quarter.
Levi Strauss
(LEVI) was down 14.6%. The jeans maker reported fiscal first-quarter earnings of 29 cents a share, down from 48 cents a share a year earlier. Gross margin was 55.8%, down from 59.3% last year.
Costco Wholesale
(COST) was falling 2% after the warehouse retailer said same-store sales in March fell 1.1%, down from an increase of 3.5% in February. Costco also said the average size of transactions in March fell 5.8% from February.
Applied Materials
(AMAT) stock fell 2.4% after an analyst at Exane BNP Paribas downgraded shares of the chip maker to Neutral from Outperform. The firm also downgraded shares of semiconductor company
KLA
(KLAC) to Neutral from Outperform. The stock declined 1.3%.
Lamb Weston Holdings
(LW) climbed 2.9% after the frozen potato products maker increased its earnings and sales guidance for the full year following recently acquired operations inn Europe.
Comerica
(CMA) was upgraded to Strong Buy from Outperform at Raymond James and shares of the bank gained 3.5%.
Beer and spirits company
Constellation Brands
(STZ) reported fiscal fourth-quarter adjusted earnings of $1.98, topping analysts’ expectations of $1.83. Sales of about $2 billion came in slightly below forecasts. The stock rose 1.3%.
FedEx
(FDX) rose 1.4% to $233.13. The stock was upgraded to Outperform from Market Perform at Raymond James with a price target of $285. On Wednesday, the shipping giant hiked its annual dividend and announced changes to its corporate structure.
Mosaic
(MOS) was the leading decliner Thursday on the S&P 500, falling 5.1%. Shares of the fertilizer company were downgraded to Neutral from Overweight at
J.P. Morgan.
Write to Joe Woelfel at [email protected]
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