Movers: AMC, Bed Bath & Beyond, McDonald's, Occidental, Signify, Tesla

Barry Adams
22 Aug, 2022
New York City

Stocks on Wall Street fell after rate worries returned and the recent market rally faltered. 

Tech stocks led the losers as investors shifted focus to the future rate path and looked ahead to the comments from the Fed Chair Jerome Powell at the central bank's three-day annual symposium scheduled to begin this Thursday August 25.  

Bond yields rose on the expectations of hawkish comments from the Fed policymakers at the annual gathering of central bankers. 

Investors are also awaiting earnings from at least 150 companies this week including Zoom Video, Palo Alto Networks, Dick's Sporting Goods, Intuit and Medtronic.  

The S&P 500 index declined 55.70 or 1.3% to 41.71.57 and the Nasdaq Composite index dropped 1.4% or 188.83 to 12,518.30. 

Futures of crude oil declined $3.12 to $87.65 a barrel and natural gas rose 43 cents to $9.75 a thermal unit. 

The yield on 10-year Treasury notes increased to 2.99% and on 2-year Treasury notes rose to 3.334%. 

AMC Entertainment Holdings Inc dropped 32% to $12.24 after its competitor Cineworld, the parent of Regal Cinemas, said it is facing liquidity issues and looking for new investors which may lead to substantial dilution for existing shareholders. 

AMC Preferred Equity Units were declared as a special dividend to Class A common shareholders in August and the APE began trading today and opened at $6.95 and traded as high as $10.15. 

Bed Bath & Beyond dropped 6.5% to $10.31 following a 40% plunge in Friday's trading after investor Ryan Cohen sold its his entire stake in the homeware retailer. 

McDonald's Corp decreased 0.5% to $265.40 after the fast food chain added three new board members and retired one long time member in a board shakeup. 

With the changes, McDonald's board is expanded to 14 members. 

Occidental Petroleum dropped 5.2% to $67.60 after its largest shareholder Berkshire Hathaway received a regulatory approval to increase its stake to 50% in the company. 

Signify Health soared 38.8% to $29.95 after the bidding war for the home health service provider escalated. 

Amazon.com and UnitedHealth are the latest two to join the bidding war after CVS was said to be looking at the company, according to The Wall Street Journal.  

Tesla Inc declined 2.8% to $864.92 after the electric vehicle maker said it plans to raise price for its Full Self Driving software by $3,000 to $15,000.