Check out the companies making headlines in midday trading. Virgin Galactic – The struggling space company slid 15% as the stock’s 1-for-20 reverse stock split took effect. The company was trying to get its stock back above $1 a share after a steady slide over the last three years. Virgin Galactic paused spaceflight operations this year to focus resources on developing its next-generation Delta-class spacecraft . AMC Networks – Shares of the cable TV network plunged more than 30% after it announced plans to sell $125 million in convertible senior notes due 2029 in a private offering to institutional buyers. Xponential Fitness – The stock surged around 26% after the company named Mark King as CEO effective today. The company also announced that Brenda Morris, who served as interim CEO, will remain on its board of directors. Autodesk – Shares gained more than 6% following activist fund Starboard Value taking a $500 million stake in the software company. Starboard said it’s considering pursuing legal action over the company’s delayed disclosure that it had begun an internal investigation into accounting malfeasance. Broadcom – The chipmaker’s stock extended its gains from Friday, popping close to 5% during Monday’s session and surging more than 35% this month. The company beat earnings and revenue estimates for the second fiscal quarter last week, and it announced a 10-for-1 stock split. Shattuck Labs – The biotechnology stock dropped 14% on the back of a BTIG downgrade to neutral from buy. Though clinical trial data released Friday shows “encouraging efficacy,” BTIG said there’s “ambiguity” in one area that should remain unresolved until the second half of 2025. Louisiana-Pacific – Shares of the building materials manufacturer fell more than 5% after Goldman Sachs downgraded the stock to sell from neutral. The firm thinks the company’s valuation as well as competitive and macroeconomic pressures will lead to underperformance. TDK Corp – Shares of the Apple supplier around 2.6% after the company said it had successfully developed a material for its solid-state batteries. The company also said the material could boost performance for wearable devices. Best Buy – The retailer’s stock jumped 43.5% following an upgrade from UBS to buy from neutral and an increase in the price target to $106 per share from $85. The investment bank thinks a potential forthcoming appliance upgrade cycle and new product offerings could drive outperformance. Corning – The stock increased almost 4%, hitting a new 52-week high, after receiving an upgrade to outperform from equal weight at Fox Advisors. Fox also set its price target on the stock to $45. Chipotle – The restaurant chain’s stock rose nearly 3% ahead of the company’s 50-for-1 stock split , which is how it will begin trading at the market open on June 26. The stock hit a new 52-week high during Monday’s session. — CNBC’s Alex Harring and Yun Li contributed reporting.
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