AMC Entertainment (AMC) sank after the movie theater chain reached a settlement that would allow it to continue converting its AMC Preferred Equity, or APE, units into common shares. AMC Entertainment shares fell 14% to $4.41, while APE shares jumped more than 17% to $1.74.
Virgin Orbit (VORB) has filed for Chapter 11 bankruptcy protection after failing to raise enough cash to continue operating. The stock fell 22% to about 15 cents.
AeroVironment (AVAV) was upgraded to Strong Buy from Outperform by analysts at Raymond James. The stock jumped 12%.
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Lighting company Brands of Acuity (AYI) reported fiscal second-quarter adjusted earnings of $3.06 per share, beating analysts’ estimates of $2.73. However, sales for the quarter were below Wall Street expectations. The stock fell 7.7%.
Etsy (ETSY) rose 4.7% to $113.29 after the stock was upgraded to Overweight from Neutral by analysts at Piper Sandler.
Service Today (NOW) rose 1.9% to $472.84 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.
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Burlington Stores (BURL) gained 1.7% after Loop Capital upgraded shares of the off-price retailer to Buy from Hold.
Boeing (BA) stock fell 1.6% after a Northcoast analyst downgraded shares of the airplane maker and aerospace giant to Sell from Neutral.
Citi analysts initiated coverage of Sarepta Therapeutics (SRPT) with a Buy rating. The stock rose 1% on Tuesday.
Walmart
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(WMT) will begin a two-day investor meeting on Tuesday. The world’s largest retailer last month gave guidance on earnings for fiscal 2024 that fell short of 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 to be a good quarter.” The stock fell 0.4%.
Write to Joe Woelfel at joseph.woelfel@barrons.com and Angela Palumbo at angela.palumbo@dowjones.com