Check out the companies making headlines in afternoon trading. Starbucks, Chipotle Mexican Grill – Shares of Starbucks rose 21% after the coffee chain ousted CEO Laxman Narasimhan with immediate effect and replaced him with Chipotle CEO Brian Niccol, who will step down on September 9. Three Wall Street firms have already upgraded Starbucks shares following the news. Chipotle shares fell 9% after Niccol’s departure. Home Depot – The home improvement retailer gained 2%, following a decline of as much as 4% in the premarket after Home Depot issued lackluster guidance due to cautious consumers. The company expects full-year comparable sales to decline 3% to 4% compared to the previous fiscal year. Home Depot had expected a decline of about 1%. Dell Technologies – Technology stocks fell 6% thanks to an upgrade from Barclays from underweight to equal weight. The bank said Dell’s recent decline may explain concerns about the sustainability of demand for artificial intelligence offerings. Tencent Music Entertainment Group – Shares fell about 15% after the China-based music streaming company reported a 1.7% year-over-year revenue decline. According to FactSet, mobile monthly active users also missed analysts’ expectations. Hormel Foods – Shares rose 2% after Citigroup upgraded the stock from neutral to buy. The company cited improving trends in retail sales and the input cost environment, as well as a potential benefit to margins in the turkey segment. On Holding – Athletic apparel stocks rose about 7% following On Holding’s second-quarter results. Sales of 567.7 million Swiss francs exceeded the 562.1 million expected by analysts polled by StreetAccount. However, earnings of 0.14 Swiss francs per share, or about $0.16, fell short of the consensus estimate of 0.16 Swiss francs. ViaSat – Satellite shares fell 20% after securities filings showed several major shareholders looking to make significant sales. The documents showed that shareholders, including the Ontario Teachers’ Pension Plan Board, worked with Morgan Stanley to sell a total of approximately 11 million shares of ViaSat. Rumble – Shares rose more than 5% after the video-sharing company’s second-quarter results beat expectations on the top and bottom lines. Rumble posted a narrower-than-expected loss of 13 cents per share, compared with the 15 cents per share loss expected by analysts, according to FactSet. Revenue of $22.5 million surpassed the consensus estimate of $19.7 million. Madison Square Garden Sports – Shares rose 1% after Madison Square Garden Sports reported strong fiscal fourth-quarter results. Adjusted operating income of $56.5 million easily exceeded the FactSet consensus estimate of $12.3 million. Baxter International – Healthcare stocks fell 6% after Baxter International agreed to sell its Vantive kidney care segment to Carlyle for $3.8 billion. B. Riley Financial – Financial services stock fell about 9%, hitting a 52-week low and extending massive losses in Monday’s session after B. Riley filed for its second-quarter report on its 10-Q SEC postponement form. On Monday, the stock fell nearly 52% after reports that the company is facing an SEC investigation over its risk disclosure. – CNBC’s Sean Conlon, Michelle Fox, Alex Harring, Hakyung Kim and Jesse Pound contributed reporting
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