Business

Disney, Poshmark, Vroom and others

Disney World celebrated its 50th anniversary in April 2022.

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See which companies made the headlines on Monday afternoon.

Poshmark – Shares in a used clothing retailer jumped 15% after Barclays upgraded its rating to overweight from equal weight. The firm said it sees more than 40% upside for the stock, especially if consumers trade lower during a recession.

Disney – Shares of the entertainment company rose 2.8% after Daniel Loeb’s Third Point acquired a new stake in the giant. In a letter to Disney CEO Bob Chapek, the activist investor said there was good reason to spin off sports network ESPN. Loeb also urged Disney to speed up the integration of the Hulu streamer.

Vroom – Shares in automotive trading platform Vroom fell 6% after JPMorgan said it was time to sell the company, which has lost more than 80% this year. The firm has also taken a bearish stance on the used car industry as it sees it battling a potential recession.

Unity, AppLovin – Unity Software plunged more than 6.7% after the company announced it was rejecting an unsolicited takeover bid from AppLovin. As part of this decision, Unity is continuing its previously announced acquisition of IronSource. Shares of AppLovin fell 6.4%.

Bed Bath & Beyond – Shares of Bed Bath and Beyond jumped more than 8% amid an ongoing meme stock trading frenzy that lifted the retailer’s shares. So far, stocks are up nearly 180% in August.

Energy stocks fell along with oil prices, which fell on Monday after China reported weak economic data. Valero lost over 3%, Marathon Oil shed almost 2.7% and Chevron fell 2%.

Embecta – Shares of the diabetes management company rose 17% on better-than-expected quarterly results. Embecta reported earnings of $1.07 per share, beating StreetAccount’s estimate of 87 cents per share. The company’s revenue of $291 million also beat the forecast of $276.9 million.

Moderna – Shares of the biopharmaceutical company are up more than 2% after news on Monday that the UK has approved Moderna’s updated Covid-19 vaccine. A dual vaccine that targets both the original virus and the newer omicron variant is expected to be available for adults as a booster vaccine in the fall.

Gilead Sciences – Gilead Sciences scored 4.2% after a study found its drug Trodelvy significantly improved overall survival for patients with metastatic breast cancer.

Illumina – Illumina’s stock is up 9.4%, rebounding from a fall last week when the company reported earnings that fell short of Wall Street’s expectations. The company reported quarterly results that were missing both earnings and revenue and released a forecast that disappointed analysts.

Seagen — Seagen fell more than 2% after the company announced that an arbitrator had ruled in favor of Daiichi Sankyo, a Japanese pharmaceutical company, in a drug technology dispute.

– CNBC’s Michelle Fox, Yun Lee, Jesse Pound and Tanaya Machil provided reporting.


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