AMC Entertainment reached a settlement that will allow it to go ahead with converting its AMC Preferred Equity units into common shares.
Dreamstime
Stock futures were higher Tuesday following a mixed session on Wall Street that saw the
Dow Jones Industrial Average
and
S&P 500
rise after a spike in oil prices.
These stocks were poised to make moves Tuesday:
AMC Entertainment
(AMC) was slumping after the movie theater chain reached a settlement that will allow it to go ahead with converting its AMC Preferred Equity, or APE, units into common shares.
AMC Entertainment shares fell 27.6% in premarket trading to $3.70, while the APE shares jumped more than 19% to $1.77.
Virgin Orbit
(VORB) filed for Chapter 11 bankruptcy protection after failing to raise enough money to continue operating. The stock declined 25.5% to around 14 cents in premarket trading.
Marathon Oil
(MRO) and
ConocoPhillips
(COP) gained the most on the S&P 500 on Monday, rising 9.9% and 9.3%, respectively, after the OPEC+ countries led by Saudi Arabia said they were voluntarily planning on reducing output, sending oil prices surging. In premarket trading Tuesday, Marathon Oil was up another 0.8%, while ConocoPhillips rose 0.2%.
ServiceNow
(NOW) rose 2.1% to $474.40 after shares of the workflow management software company were upgraded to Outperform from Neutral at Baird. The price target was raised to $548 from $475.
Etsy
(ETSY) was rising 3.5% to $112 in premarket trading after the stock was upgraded to Overweight from Neutral by analysts at Piper Sandler.
Walmart
(WMT) begins a two-day investor meeting on Tuesday. The world’s largest retailer last month issued earnings guidance for fiscal 2024 below analysts’ estimates. Wells Fargo analyst Edward Kelley said he expects to hear about a good start to the fiscal year from Walmart as “the first quarter looks to be shaping up as a good quarter.” The stock was up slightly in premarket trading.
Lighting company
Acuity Brands
(AYI) reported fiscal second-quarter adjusted earnings of $3.06 a share, beating analysts’ estimates of $2.73.
Write to Joe Woelfel at [email protected]
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