Movers: AMC Entertainment, Apple, GE Healthcare, Nissan, Philips, Qualcomm

Scott Peters
30 Jan, 2023
New York City

AMC Entertainment Holdings Inc declined 9% to $5.01 and the company set up a shareholder meeting to decide on its capital raising plan and potentially convert its preferred share unit to its common stock. 

The Preferred share unit APE soared 21% after the announcement.  

Apple Inc declined 2% to $143 ahead of the company's earnings release on Thursday. 

Investors are worried that the weakness in the personal computer market and persistent supply chain and production problems rooted in China may impact the company's revenues. 

Over the holiday period, Apple struggled to meet demand for its latest popular models of smartphones.  

Bed Bath & Beyond soared 12.5% to $2.87 after the retailer announced plans to close more-than-expected stores. 

The company said it plans to close 87 of its namesake stores, all 50 Harmon stores and five buybuy Baby stores. 

Ford Motor Company declined 2.9% to $12.89 and the company announced a price cut for some of its popular electric vehicles following the discount offered by Tesla Inc. 

Ford offered discounts of as much as 8.8% in some of its Mustang E models. 

GE Healthcare Inc increased 2% to $71.50 after the company reported its first quarterly earnings as an independent company after spinning off from General Electric. 

December quarter revenue increased 8% to $4.94 billion and net income fell to $554 million from $564 million in the previous year. 

Earnings per share from continuing operations eased to $1.21 from $1.24 in the previous year and excluding one-time items, adjusted earnings per share was $1.31.

The company estimated full-year 2023, adjusted earnings per share in the range of $3.60 to $3.75.

Nissan Motor Company declined 1% to $7.01 after the company and its alliance partner Renault SA agreed to limit cross ownership to 15%. 

Renault will transfer 28.4% in a French trust but will retain economic gains from the potential divestment.   

Philips NV rose 5.9% to $17.99 after the company announced a second layoff of 6,000 following the recall of its respiratory system. 

The company said fourth quarter sales increased 10% to 5.4 billion euros and comparable sales increased 3%. 

The company swung to a loss of 105 million euros from a profit of 151 million euros a year ago 

Qualcomm Inc declined 1.3% to $131.63 and the company said it renewed its partnership with electric vehicle and software focused mobility unit Ampere owned by France-based Renault SA. 

The chipmaker's stock was under pressure on the worries that industry slump may persist well in the second-half.