Take a look at the companies making headlines in afternoon trading: Paramount Global – Media and entertainment stocks fell more than 9% on news that Skydance Media has reached a preliminary merger agreement with controlling shareholder National Amusements. Paramount Global’s special committee will review and vote on the deal, CNBC reported, citing a person familiar with the matter. Tesla – The electric vehicle company rose another 6%, bringing its week-to-date gain to 24%. The rally came after Tesla posted better-than-expected deliveries in the second quarter. Wedbush analyst Dan Ives raised his 12-month price target for the Elon Musk-led company to $300 from $275 previously. The new forecast implies a gain of 30% from Tuesday’s closing price. MGM Resorts International – Shares jumped 3.5% higher after BTIG initiated coverage of the casino operator with a buy rating and a 52% price target, implying an upside of nearly 23% from Tuesday’s closing price. The company said MGM is diversifying in a healthy way, which should improve growth. Constellation Brands – Shares of the beer and wine company fell 2.5% after first-quarter sales came in just below expectations. Although the company posted a better-than-expected profit of $3.57 in adjusted earnings per share, compared to the $3.46 expected by analysts surveyed by LSEG, revenue for the quarter came in at $2.66 billion, versus analysts’ $2. 67 billion expected. Sales at the smaller wine and spirits operations also fell 7%, with shipping volumes and depletions down 5.1% and nearly 13%, respectively. Metals ETFs – Silver, gold and copper miners traded higher as the US dollar fell, following dovish comments from Federal Reserve Chairman Jerome Powell in the previous session. Silver miners rose 4.3% on Wednesday and were on track for their best day since May 17, while gold miners rose 3.76% and were on track for their best day since March 20. Copper miners also rose 4%, marking their best day since March 20. May 17. Constellation Energy – Energy shares rose 2.7% after a Reuters report that the company is in talks with Pennsylvania officials about a possible restart of part of its Three Mile Island facility, where a nuclear meltdown occurred in the years seventy. According to two Reuters sources, the talks are ‘more than preliminary’. – CNBC’s Samantha Subin, Yun Li, Lisa Kailai Han, Michelle Fox and Gina Francolla contributed reporting.
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