Here’s a look at the companies making headlines in midday trading: Paramount Global — The media and entertainment stock rose 9% on news that Skydance Media has reached a preliminary merger agreement with controlling shareholder National Amusements above. Paramount Worldwide’s special committee is reviewing and voting on the agreement, CNBC reported, citing a person familiar with the matter. Tesla — Shares of the electric car company rose another 6%, bringing their week-to-date gains to 24%. Tesla shares rose after the company reported better-than-expected second-quarter deliveries. Wedbush analyst Dan Ives raised his 12-month price target for the Elon Musk-led company to $300 from the previous price of $275. The new forecast implies a 30% upside from Tuesday’s closing price. MGM Resorts International — Shares of MGM Resorts International rose 3.5% after BTIG initiated a buy rating and 52% price target on the casino operator, implying a nearly 23% upside from Tuesday’s close. . MGM is diversifying in a healthy way, which should lead to growth, the company said. Constellation Brands — The beer and wine company’s first-quarter sales came in slightly below expectations, sending its shares down 2.5%. While the company reported better-than-expected adjusted earnings of $3.57 per share, compared with analysts polled by LSEG who expected $3.46, revenue for the quarter was $2.66 billion, compared with analysts’ expectations of $2.67 billion. Sales at its smaller wine and spirits business also fell 7%, with shipments and consumption down 5.1% and nearly 13%, respectively. Metals ETFs — Silver, gold and copper miners traded higher as the dollar weakened following dovish comments from Federal Reserve Chairman Jerome Powell in the previous session. Silver miners rose 4.3% on Wednesday, their best one-day gain since May 17, while gold miners rose 3.76%, their best one-day gain since March 20. , the best single-day gain since March 20. Energy stocks rose 2.7%. According to two Reuters sources, the talks “are beyond the preliminary stages”. —CNBC’s Samantha Subin, Yun Li, Lisa Kailai Han, Michelle Fox and Gina Francolla contributed reporting.
