Here’s a look at the companies making headlines in midday trading: Virgin Galactic — The troubled space company’s shares fell about 14.6% as the stock’s 20-for-1 reverse stock split took effect. The company is trying to push its stock price back above $1 a share after a steady decline over the past three years. Virgin Galactic suspended its aerospace operations this year to focus resources on developing its next-generation Delta-class spacecraft. AMC Networks — Shares of AMC Networks plunged more than 35% after the cable network announced plans to sell $125 million of convertible senior notes due 2029 to institutional buyers in a private placement. Xponential Fitness — The company named Mark King CEO, effective today, and the company’s stock soared more than 34%. The company also announced that Brenda Morris, who serves as interim CEO, will remain on the board. Autodesk — Shares of Autodesk rose about 6.5% after activist fund Starboard Value spent $500 million to acquire a stake in the software company. Starboard said it was considering legal action over the company’s delay in revealing it had begun an internal investigation into accounting fraud. Broadcom — Shares of the chip maker extended gains since Friday, rising about 5.4% on Monday and surging more than 35% this month. The company beat fiscal second-quarter profit and revenue estimates last week and announced a 10-for-1 stock split. Shattuck Labs — The biotech stock fell about 19.6% as BTIG downgraded its rating to neutral from buy. While clinical trial data released on Friday showed “encouraging efficacy,” BTIG said there was “ambiguity” in one area that should not be resolved until the second half of 2025. Shares of the building materials maker fell 3.5% after the investment, which downgraded the stock to sell from neutral. The company believes that the company’s valuation, as well as competitive and macroeconomic pressures, will lead to underperformance. TDK Corporation — Shares of TDK rose 2.7% after Apple supplier TDK said it has successfully developed materials for solid-state batteries. The company also says the material could improve the performance of wearable devices. Best Buy — Shares of the retailer rose more than 4.6% after UBS upgraded the stock to buy from neutral and raised its price target to $106 per share from $85. The investment bank believes a potential upcoming equipment upgrade cycle and new product offerings could drive outperformance. Corning Incorporated — The stock rose 4% to hit a new 52-week high after Fox Advisor upgraded the stock to outperform from equal weight. Fox also has a $45 price target on the stock. Chipotle — The restaurant chain’s stock price rose nearly 3% ahead of the company’s 50-for-1 stock split, which is how it will begin trading when the market opens on June 26. new highs. —CNBC’s Alex Harring and Yun Li contributed reporting.
