Virgin Orbit, General Motors, AMC, Kinross Gold and More Are Making The Biggest Moves Midday

‍ServiceNow

According to Baird, ServiceNow shares are likely to grow at a resilient rate despite a tough macro climate, since the company's efficiency efforts will continue. Shares of the software company rose 2.8% after Baird upgraded it to overweight from neutral. After falling 40.2% in 2022, the stock has rallied more than 22% year to date.

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General Motors 

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In an effort to avoid layoffs, 5,000 white-collar workers at the automaker took part in a buyout program announced last month, which led to a 2.2% loss of share. As part of GM’s plans to cut $2 billion in structural costs by the end of 2024, GM CFO Paul Jacobson said Tuesday that the company expects a $1 billion charge from this program.

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Virgin Orbit

As Virgin Orbit filed for Chapter 11 bankruptcy protection, its stock plummeted more than 22% after the California-based company announced it would lay off nearly all of its workforce and sell its assets. It lost nearly 92% over the past year.

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AMC Entertainment 

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According to the company, it will be able to raise more capital and convert its preferred shares into common stock following a settlement deal with some of its shareholders. The theater chain's APE preferred stock gained 8.5% after the news.

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Boeing

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As a result of Northcoast Research's downgrade to a sell rating for the aerospace manufacturer, its stock dropped nearly 2%. Based on the information the research firm received from its contacts in the aerospace industry, it was expected that Boeing's production of commercial aircraft would change, consensus forecasts would be revised, and volume headwinds would be experienced by the company this quarter.

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Etsy

As a result of Piper Sandler upgrading Etsy from neutral to overweight, Etsy's shares gained 2.4%. Piper Sandler believes that Etsy's marketplace strength is likely to reinforce its ability to ramp up active buyers.

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Gold miners 

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On Tuesday, metals futures rallied along with mining stocks. The VanEck Gold Miners ETF gained more than 3%. Newmont rose 3.8%, Barrick Gold increased 4.9%. Kinross and Gold Fields added 6% and 4%, respectively.

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Caterpillar

This drop puts the stock on track to break the six-day winning streak it had enjoyed. The Institute for Supply Management and Purchasing Managers Indexes of the Institute for Supply Management and Purchasing Managers Association are indicating that manufacturing remains weak, as well as concerns raised about construction spending, which has been slowing down in the past couple of years. On Tuesday, there were also losses for other manufacturers and equipment companies. There was a loss of 8% at United Rentals, a loss of 3.7% at Deere & Company, and a decline of nearly 4% at Eaton.

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