U.S. Movers: AMC Entertainment, Delta Air Lines, Energy Stocks, Semtech, Yum China
- Scott Peters
- U.S.A. New York City
-
Yum China forecasted store network expansion over the next three years. Delta Air Lines lowered its third quarter earnings outlook on higher maintenance and fuel costs but cited strength in transatlantic travel.
AMC Entertainment Holdings Inc gained 3.3% to $8.52 after the company said it completed secondary stock offering announced few weeks ago.
AMC raised $325.5 million through the sale of 40 million shares at an average price of $8.14.
Yum China Holdings Inc 5.2% to $56.0 after the company forecasted 20,000 restaurants in China by 2026 at a gathering of investors.
Semtech Corp jumped 4.6% to $23.90 after the company reported better-than-expected quarterly results and current quarter forecast.
The company estimated fiscal third quarter revenue in the range between $190 million and $210 million and loss per share between 9 cents and 22 cents.
Energy stocks traded higher after crude oil traded at a 2023 high on supply worries after Saudi Arabia and Russia announced to extend voluntary production cuts till the end of 2023.
West Texas Intermediate crude oil price jumped to $89.98 and Brent crude advanced to $93.27 a barrel.
Chevron, ExxonMobil, Murphy Oil, Occidental Petroleum rose between 1% and 2%.
Delta Air Lines, Inc decreased 0.8% to $39.22 after the company joined other airlines and lowered its profit estimate citing higher operating and fuel costs.
The airline said third quarter adjusted earnings per share to fall between $1.86 and $2.05 compared to the previous estimate between $2.20 and $2.50.
The airline however raised its revenue growth estimate to be closer to its upper end of the range between 11% and 14%, because of the strong demand for transatlantic travel.
The company also reiterated its full-year adjusted earnings per share to fall between $6 and $7.
Annual Returns
| Company | Ticker | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| AMC Entertainment Holdings Inc | AMC | 0% | -67% | -78% |
| Chevron Corporation | CVX | 8% | -12% | 44% |
| Semtech Corporation | SMTC | 49% | -27% | -66% |
| Delta Air Lines Inc | DAL | 7% | 16% | -11% |
| Exxon Mobil Corporation | XOM | 18% | -6% | 73% |
| Yum China Holdings Inc | YUMC | -29% | -26% | 16% |