Movers: AMC Entertainment, CarMax, Micron Technology, Tesla, Under Armour

Scott Peters
22 Dec, 2022
New York City

AMC Entertainment Holdings Inc plunged 14.5% to $4.51 after the company announced a plan to raise $110 million through a preferred share unit. 

The company plans to hold a board meeting to approve a reverse stock split at a 1-to-10 ratio. 

The movie theater chain operator said it will use the proceeds to repay debt. 

CarMax, Inc declined 7.2% to  $55.17 after the used-car retailer reported weaker-than-expected results. 

Revenue in the third quarter ending in November declined 23.7% to $6.5 billion after combined retail and wholesale used vehicle unit sales fell 28% to 298,807.

Net earnings plunged to $37.6 million from $269.4 million and diluted earnings per share dropped to 24 cents from $1.63 a year ago. 

Micron Technology Inc declined 2.8% to $49.75 after the company reported weak quarterly results and announced a plan to trim its workforce by 10% and suspend bonus in 2023. 

Revenue in the fiscal first quarter ending in November fell to $4.09 billion from $6.6 billion in the previous quarter and $7.7 billion in the quarter a year ago. 

The semiconductor chipmaker swung to a quarterly loss of $195 million from $2.3 billion a year ago and diluted loss per share was 18 cents from a profit of $2.04 a year ago. 

The company guided revenue in the fiscal second quarter of 2023 of $3.8 billion with a band of $200 million and gross margin between 5% and 10% and diluted earnings per share range between -$0.79 and $0.10. 

Tesla Inc plunged 9.8% to $124.10 on the demand worries in the U.S. and China and rising production costs and distracted chief executive after his recent purchase of Twitter Inc. 

Tesla is offering $7.500 discount for the U.S. delivery of Model 3 and Model Y before the end of December, according to the order form on the company website.  

The discount offer also comes with 10,000 miles free supercharging. 

Under Armour Inc declined 4.4% to $9.49 and the apparel retailer appointed Marriott International President Stephanie Linnartz to be its next chief executive. 

The athletic apparel retailer is struggling to build its e-commerce business and looking to ramp up its online presence and bolster e-commerce sales and social media profile. 

Linnartz is expected to assume the chief executive office on Feb 27, who has been with Marriott since 1997.