Movers: Acuity Brands, AMC Entertainment, Butterfly Network, General Motors, Virgin Orbit

Scott Peters
04 Apr, 2023
New York City

Acuity Brands Inc dropped 5.5% to $173.30 after the industrial technology company reported higher sales and earnings in its fiscal second quarter 2023. 

Revenue increased 3.8% to $943.6 million from $909.1 million and net income rose 10.5% to $83.2 million from $75.3 million and diluted earnings per share increased to $2.57 from $2.13 a year ago. 

In the first-half of fiscal 2023, the company repurchased approximately 0.7 million shares of common stock for a total of $124.1 million.

AMC Entertainment Holdings Inc plunged 27.5% to $3.69 after the company settled a shareholder lawsuit to proceed with exchanging its preferred stocks for common stocks. 

AMC's preferred equity units soared 22.9% to $1.83 after the company's recapitalization plan will issue more shares to preferred shareholders. 

The company will issue an additional one common share for every 7.5 preferred shares units, called APE units, held in connection with the planned conversion to common stock.  

The settlement consideration includes additional 6.9 million common shares which will be distributed to holders of preferred units prior to conversion.  

The settlement was announced by lawyers representing the stockholders group. 

Butterfly Network Inc increased 21.9% to $2.28 after the digital health focused company said it received 510(k) clearance for "AI-enabled Auto B-line Counter" that may simplify how healthcare professionals evaluate adults with suspected diminished lung function. 

General Motors Company decreased 1.8% to $35.59 after the company said first quarter vehicle deliveries increased 18% to 603,208 units. 

Separately, chief financial officer Paul Jacobson said about 5,000 salaried employees accepted the voluntary separation and the company will take about $1 billion of charge in the first quarter. 

The company earlier had announced its plan to cut annual costs by $2 billion by the end of 2024, Jacobson confirmed that the company will be able to meet that target and avoid involuntary layoffs. 

Virgin Orbit Holdings Inc declined 18% to 16 cents after the rocket launch company filed for Chapter 11 bankruptcy protection in the U.S. 

The company sought bankruptcy protection in the district of Delaware after it failed to secure emergency funding and is looking to sell its assets.