Take a look at the companies making headlines in midday trading. Starbucks, Chipotle Mexican Grill — Starbucks has fired CEO Laxman Narasimhan, effective immediately, and will be replaced by Chipotle CEO Brian Niccol, who will take over on September 9. , three Wall Street firms have upgraded Starbucks stock. Chipotle’s stock price fell 9% after Nicole’s departure. Home Depot — Shares of Home Depot rose 2% after falling as much as 4% in pre-market trading after the home improvement retailer issued lackluster guidance amid consumer caution. The company expects full-year comparable sales to be down 3% to 4% from the previous fiscal year. Home Depot is expected to drop about 1%. Dell Technologies — The technology stock jumped 6% after Barclays upgraded the stock to equal weight from underweight. Dell’s recent pullback may be due to concerns about the durability of demand for its artificial intelligence products, the bank said. Tencent Music Entertainment Group — The Chinese music streaming company reported a 1.7% year-over-year revenue decline, sending its shares plummeting about 15%. Mobile’s monthly active users also fell short of analysts’ expectations, according to FactSet data. Hormel Foods — Shares of Hormel Foods rose 2% after Citigroup upgraded the stock to buy from neutral. The company cited improving retail sales trends and the input cost environment, as well as potential margin upside in the turkey market. On Holding — On Holding’s sportswear stock rose about 7% after the release of second-quarter results. Revenue was 567.7 million Swiss francs, higher than the 562.1 million Swiss francs expected by analysts polled by StreetAccount. However, earnings per share of CHF 0.14 (approximately $0.16) missed the consensus estimate of CHF 0.16. ViaSat — ViaSat shares fell 20% after securities filings showed several major shareholders were seeking a substantial sale. Shareholders, including the Ontario Teachers Pension Plan Board, are working with Morgan Stanley to sell a total of about 11 million ViaSat shares, documents show. Rumble — The video-sharing company’s second-quarter results beat revenue and profit estimates, sending shares up more than 5%. Rumble reported a lower-than-expected loss of 13 cents a share, while analysts expected a loss of 15 cents a share, according to FactSet. Revenue of $22.5 million beat consensus estimates of $19.7 million. Madison Square Garden Sports — Madison Square Garden Sports shares rose 1% after reporting strong fourth-quarter earnings. Adjusted operating income was $56.5 million, well ahead of the FactSet consensus estimate of $12.3 million. Baxter International — The health care stock fell 6% after Baxter International agreed to sell its Vantive renal care unit to Carlyle for $3.8 billion. B. Riley Financial — The financial services stock fell about 9%, hitting a 52-week low, extending Monday’s sharp intraday losses after B. Riley filed to postpone its second-quarter report on Form 10-Q SEC. On Monday, the stock fell nearly 52% amid reports that the company was facing an SEC investigation into its risk disclosures. —CNBC’s Sean Conlon, Michelle Fox, Alex Harring, Hakyung Kim and Jesse Pound contributed reporting
