Take a look at the companies making headlines in afternoon trading: McDonald’s – Shares of McDonald’s rose nearly 4% even after the fast-food giant posted quarterly profits and revenue that lagged Wall Street estimates. Investors are likely relieved that the company plans to continue using its $5 meals as a way to bring back low-income customers. Management says the strategy helps improve sentiment around the brand’s value and affordability. Revvity – The life sciences company advanced 9% after an earnings improvement in the second quarter. Revvity’s adjusted earnings of $1.22 per share beat the FactSet estimate of $1.12 per share. The company’s revenue of $691.7 million was also higher than the $690.3 million analysts expected. Akamai Technologies – Shares of the cloud security company rose 0.4% after an upgrade to neutral at Guggenheim. The investment firm is seeing a 32% increase as Akamai leverages its leadership position to deliver more value to its clients. Tesla – The electric car maker added 6% after being crowned the top pick among US auto stocks by Morgan Stanley analyst Adam Jonas. Tesla replaced Ford, whose shares fell about 2%. Stellantis – The automaker fell about 4% to hit a new 52-week low after Deutsche Bank downgraded the stock to not buying. The company sees the company’s leadership in jeopardy, citing its inability in a ‘tougher’ environment to address key issues such as inventory, pricing and lack of model age compared to its peers. Walt Disney – Shares of the entertainment giant rose 2.5% after a big box office debut for ‘Deadpool & Wolverine’. The new Marvel film grossed $200 million at the domestic box office, a record opening weekend for an R-rated film. In Semiconductor, shares rose nearly 12% after the chip company reported financial results that beat expectations. Adjusted earnings per share for the second quarter were 96 cents, versus the expected consensus estimate of 92 cents, according to FactSet. Revenue was $1.74 billion, versus the $1.73 billion analysts expected. Dexcom – Shares of the diabetes company closed 5% higher, recouping some of their losses from Friday. Shares rose on news that Tandem Diabetes Care’s updated t:slimX2 insulin pump software is compatible with Dexcom’s G7 and G6 continuous glucose monitoring systems. The software is also authorized for sale by Health Canada. The stock fell more than 40% in the previous session after Dexcom reported disappointing second-quarter results and offered weak guidance. – CNBC’s Sean Conlon, Michelle Fox, Alex Harring, Jesse Pound and Samantha Subin contributed reporting. Correction: An earlier version incorrectly identified the company that released the insulin pump software authorized for sale by Health Canada.
Stocks making the biggest moves in the afternoon: DIS, DXCM, MCD, ON
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