Welcome to Extreme Investor Network, where we provide you with unique insights and analysis on the latest financial news impacting the market. Today, we are diving into the companies making headlines in midday trading that are worth keeping an eye on.
Starbucks made waves as their stock surged 21% after the company announced the immediate ousting of CEO Laxman Narasimhan and the appointment of Chipotle CEO Brian Niccol to take over on September 9. This sudden shake-up led to three Wall Street firms upgrading Starbucks stock, while Chipotle saw a 9% dip in share price on Niccol’s departure.
Home Depot also caught investors’ attention, gaining 2% despite initially falling 4% in premarket trading due to lackluster guidance tied to cautious consumer spending. Dell Technologies experienced a 6% increase following a Barclays upgrade, while Tencent Music Entertainment Group faced a 15% drop after reporting a year-over-year revenue decrease.
Hormel Foods enjoyed a 2% increase after receiving an upgrade from Citigroup, citing improving retail sales trends and potential margin upside. Similarly, On Holding saw a 7% jump after surpassing revenue expectations but falling short on earnings. ViaSat, on the other hand, experienced a 20% drop as major shareholders looked to sell significant shares.
Rumble, Madison Square Garden Sports, Baxter International, and B. Riley Financial also made moves in the market, each with their own unique storylines impacting their stock performance.
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