Stocks making the biggest moves midday: General Motors, AMC, Virgin Orbit, Kinross Gold and more

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Richard Branson’s Virgin Orbit, with a rocket under the wing of a modified Boeing 747 jetliner, takes off for a key drop test of its high-altitude launch system for satellites from Mojave, California, July 10, 2019.
Mike Blake | Reuters

Check out the companies making headlines in midday trading Tuesday.

ServiceNow — Shares of the software company rose 2.8% after Baird upgraded the stock to overweight from neutral. The firm said that despite a tough macro climate, the ongoing need for efficiency should position ServiceNow shares for resilient revenue growth. The stock has rallied more than 22% year to date, after tumbling 40.2% in 2022.

General Motors — The stock shed 2.2% on news that about 5,000 white-collar workers at the automotive manufacturer opted to participate in a buyout program that was announced last month in efforts to avoid layoffs. GM CFO Paul Jacobson said Tuesday that the company expects a roughly $1 billion charge from this program, which was part of GM’s plans to cut $2 billion in structural costs by the end of 2024.

Virgin Orbit — Shares tanked more than 22% after the California-based satellite launch company filed for Chapter 11 bankruptcy protection. Virgin Orbit said it is looking to sell its assets and will lay off nearly all of its workforce. The stock has lost nearly 92% year to date.

AMC Entertainment — Shares of the theater chain fell by 22% after AMC announced a settlement deal with some of its shareholders that could allow the company to raise more capital and convert its preferred shares into common stock. AMC’s “APE” preferred shares gained 8.5% following the news.

Boeing — The stock dropped nearly 2% after Northcoast Research downgraded the aerospace manufacturer to a sell rating. The research firm cited expected changes to Boeing’s commercial aircraft production, resetting of consensus forecasts and volume headwinds ahead for the company this quarter after communicating with its contacts in the sector.

Etsy – Etsy shares gained 2.4% after Piper Sandler upgraded the e-commerce stock to overweight from neutral, saying that its marketplace strengths should help revamp active buyer growth.

Gold miners — Shares of mining companies rallied as gold futures popped on Tuesday. The VanEck Gold Miners ETF jumped more than 3%. Newmont added 3.8%, while Barrick Gold leapt 4.9%. Kinross added 6%, and Gold Fields gained 4%.

Caterpillar — Shares of the construction equipment manufacturer dropped 5.2%, putting the stock on track to break a six-day winning streak. Softer-than-anticipated readings from the Institute for Supply Management and Purchasing Managers indexes on Monday are dampening the manufacturing outlook and raising concerns about construction spending, which has slowed down. Other equipment and manufacturing companies were also down on Tuesday. United Rentals lost 8%, Deere & Company shed 3.7%, and Eaton declined by nearly 4%.

— CNBC’s Alex Harring, Samantha Subin, Hakyung Kim, Jesse Pound, Michelle Fox Theobald, Seema Mody and Darla Mercado contributed reporting.

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