Movers: AMC Entertainment, Estee Lauder, LAVA Therapeutics, Li Auto, Macy's, Xpeng

Barry Adams
26 Sep, 2022
New York City

Stocks on Wall Street lacked direction in early trading and accelerated decline after two hours of trading. 

On the first of trading this week, after a week of losses totaling more than 4%, investors shifted focus to the rising U.S. dollar, adding to the list of worries. 

The euro dropped to a new record low and the British pound dropped to a 4-decade low on the worries that the recently announced tax incentives will lead to a surge in government deficit and not lead to increase in productive capacity. 

The S&P 500 index dropped 0.9% to 3,660.53 and the Nasdaq Composite index fell 0.4% to 10,381.90. 

AMC Entertainment plunged 10.4% to $7.16 on the news that the movie theater chain operator is likely to sell 425 million units of its preferred shares. 

Macy's Inc declined 3.3% to $15.19 and the retailer said the company plans to add 41,000 staff for the upcoming holiday season. The current hiring plan is consistent with the previous years, said the apparel retailer. 

Last week, Target announced its plan to add as many as 100,000 seasonal staff in stores and supply chain facilities. 

Retailer also said it plans to start its holiday sales as early as October 6 and continue till Dec 24, the longest holiday sale period. 

Target Corporation declined 2.7% to $148.46. 

Casino companies operating in China traded higher after Macau government said Mainland tour operators from China can resume casino visits from November 1. 

Wynn Resorts, Limited jumped 12.7% to $67.24 and Las Vegas Sands Corp jumped 12.4% to $39.90. 

China-based electric vehicle makers jumped after the government extended tax breaks for purchases. 

Li Auto Inc jumped 6.4% to $26.59, Nio Inc added 1.0% to $17.82 and Xpeng Inc increased 5.6% to $14.48. 

Estee Lauder Companies Inc jumped 1.6% to $232.62 and the company announced a licensing partnership with Balmain to launch Balmain Beauty in fall 2024. 

LAVA Therapeutics NV soared 103% to $4.87 after the company said Seagen Inc has agreed to produce LAVA's solid tumor-targeting therapy. 

As a part of the worldwide licensing agreement, LAVA will receive $50 million upfront payment and $650 million potential milestone-based and royalty payments.