Here’s a look at the companies making headlines in midday trading: McDonald’s — Shares of McDonald’s rose more than 4% even though the fast-food giant reported quarterly earnings and revenue that fell short of Wall Street estimates. The company plans to continue using $5 value meals as a way to attract lower-income customers, which may come as a relief to investors. Management said the strategy helped improve brand equity and affordability sentiment. Revvity — Shares of Revvity rose 6% after the life sciences company reported better-than-expected second-quarter profit. Revvity’s adjusted earnings per share were $1.22, above the FactSet consensus of $1.12 per share. The company’s revenue of $691.7 million was also higher than analysts’ expectations of $690.3 million. Akamai Technologies — Shares of the cloud security company rose 1% after Guggenheim upgraded its stock rating to buy from neutral. The investment firm expects growth of 32% as Akamai leverages its leadership position to deliver more value to customers. Tesla — The electric car maker was named a top pick among U.S. auto stocks by Morgan Stanley analyst Adam Jonas, and shares rose 4.2%. Tesla replaced Ford, and Ford’s stock price fell about 2%. Stellantis — Shares of the automaker fell about 4.5% to hit a new 52-week low after Deutsche Bank downgraded the stock to hold from buy. The company sees risks to its guidance, citing its inability to address key issues such as inventory, pricing and model age in a “more severe” environment compared with peers. Walt Disney — Shares of the entertainment giant rose 2% after the success of “Deadpool and Wolverine” at the box office. The new Marvel movie has surpassed $200 million in domestic box office, setting a record for an R-rated film in its opening weekend. On Semiconductor — Shares of ON Semiconductor rose nearly 13% after the chip company reported financial results that beat expectations. Second-quarter adjusted earnings per share were 96 cents, compared with the consensus estimate of 92 cents, according to FactSet. Revenue was $1.74 billion, compared with analysts’ expectations of $1.73 billion. Dexcom — Shares of the diabetes company rose 5%, recouping some of their losses from Friday. The stock was pushed higher after Dexcom announced that its latest insulin pump software has been authorized for sale by Health Canada. The stock plunged more than 40% in the previous session after Dexcom reported disappointing second-quarter results and provided weak guidance. —CNBC’s Sean Conlon, Michelle Fox, Alex Harlin, Jesse Pond and Samantha Subin contributed reporting.
