Here’s a look at the companies making headlines in midday trading: Virgin Galactic, the struggling space company, fell about 14.6% after a 1-for-20 reverse stock split went into effect as the company struggled to get its stock price back above $1 per share. share after a steady decline over the past three years. Virgin Galactic suspended spaceflight this year to focus resources on developing its next-generation Delta-class spacecraft. AMC Networks — Shares of the cable television network fell more than 35% after it announced plans to sell $125 million of convertible senior notes due 2029 in a private placement to institutional buyers. Xponential Fitness – Shares rose more than 34% after the company named Mark King CEO, effective today. The company also announced that Brenda Morris, who served as interim CEO, will remain on its board of directors. Autodesk — Shares rose about 6.5% after activist fund Starboard Value took a $500 million stake in the software company. Starboard said it was considering legal action over the company’s delay in disclosing that it had opened an internal investigation into accounting irregularities. Broadcom — Shares of the chip maker continued to rise from Friday, rising about 5.4% during Monday’s session and up more than 35% this month. Last week, the company beat earnings and revenue estimates for its fiscal second quarter and announced a 10-for-1 stock split. Shattuck Labs – Biotech shares fell about 19.6% as BTIG downgraded its rating from buy to neutral. While clinical trial data released on Friday showed “encouraging effectiveness”, BTIG said there was “uncertainty” in one area that should remain unresolved until the second half of 2025. Louisiana-Pacific Corporation — Shares of the building materials maker fell 3.5% after Goldman Sachs downgraded the stock to sell from neutral. The firm believes that the company’s valuation, as well as competitive and macroeconomic pressures, will lead to a decline in its valuation. TDK Corporation – Shares of the Apple supplier rose 2.7% after the company said it had successfully developed a material for its solid-state batteries. The company also said the material could improve the performance of wearable devices. Best Buy The retailer’s shares jumped more than 4.6% after UBS switched to buy from neutral and raised its price target to $106 per share from $85. The investment bank believes the potential upcoming appliance refresh cycle and new product offerings could boost productivity. Corning — Shares rose 4% to a new 52-week high after Fox Advisors upgraded the stock to beat its peer weight. Fox also set a $45 price target for the stock. Chipotle — Shares of the restaurant chain rose nearly 3% ahead of the company’s 50-to-1 stock split, which is where it will begin trading at the market open on June 26. The stock hit a new 52-week high during Monday’s session. — CNBC’s Alex Harring and Yun Lee contributed reporting.
