Market Updates
U.S. Movers: AMC Entertainment, Delta Air Lines, Energy Stocks, Semtech, Yum China
Scott Peters
14 Sep, 2023
New York City
AMC Entertainment Holdings Inc gained 3.3% to $8.52 after the company said it completed secondary stock offering announced few weeks ago.
AMC raised $325.5 million through the sale of 40 million shares at an average price of $8.14.
Yum China Holdings Inc 5.2% to $56.0 after the company forecasted 20,000 restaurants in China by 2026 at a gathering of investors.
Semtech Corp jumped 4.6% to $23.90 after the company reported better-than-expected quarterly results and current quarter forecast.
The company estimated fiscal third quarter revenue in the range between $190 million and $210 million and loss per share between 9 cents and 22 cents.
Energy stocks traded higher after crude oil traded at a 2023 high on supply worries after Saudi Arabia and Russia announced to extend voluntary production cuts till the end of 2023.
West Texas Intermediate crude oil price jumped to $89.98 and Brent crude advanced to $93.27 a barrel.
Chevron, ExxonMobil, Murphy Oil, Occidental Petroleum rose between 1% and 2%.
Delta Air Lines, Inc decreased 0.8% to $39.22 after the company joined other airlines and lowered its profit estimate citing higher operating and fuel costs.
The airline said third quarter adjusted earnings per share to fall between $1.86 and $2.05 compared to the previous estimate between $2.20 and $2.50.
The airline however raised its revenue growth estimate to be closer to its upper end of the range between 11% and 14%, because of the strong demand for transatlantic travel.
The company also reiterated its full-year adjusted earnings per share to fall between $6 and $7.
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Earnings
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