AMC, Imax, Chevron, Tesla, Domino’s, and More Stock Market Movers

Shares of
AMC Entertainment
(
AMC
) were jumping 15% after the movie-theater chain filed a revised stock conversion proposal after a judge blocked the company’s plan to convert its so-called APE shares into common stock. If the court agrees with the plan, AMC hopes to implement the plan “as soon as possible,” CEO Adam Aron said on Twitter over the weekend. The APE shares were down 7.8%.

AMC and other movie-theater stocks were getting a boost from the performance of blockbusters Barbie and Oppenheimer over the weekend.
Imax
(IMAX) was up 4% and
Cinemark
(CNK) rose 2%.

Chevron
(CVX) released a second-quarter performance update on Sunday that was better than analysts’ expectations. Adjusted profit of $3.08 a share topped consensus of $2.97. A year earlier,
Chevron
reported adjusted earnings of $5.82 a share. The major oil company is scheduled to report quarterly earnings on Friday. Chevron also announced that it was waiving its mandatory retirement age of 65 for CEO Mike Wirth, who will turn 63 later this year. The stock was up 1.7%.

Tesla
(TSLA) was falling 1% to $257.22 after shares of the electric-vehicle maker were downgraded to Neutral from Buy at UBS. The analysts, however, raised the price target on the stock to $270 from $220. “We think after the strong recent share performance, it is fully reflected that
Tesla
‘s price cut strategy has
worked out well (solid demand response, only moderate decline in margins), while multiples have become more demanding … With a 12-month view, we’re downgrading TSLA to Neutral, but we continue to see a significant long-term opportunity in the stock.” Tesla stock has risen 109% this year.

Becton Dickinson
(BDX) was rising 7.5% after its updated BD Alaris Infusion System received 510(k) clearance from the Food and Drug Administration. The stock also was upgraded to Outperform from Market Perform at Raymond James.

Domino’s Pizza
(DPZ) reported second-quarter earnings that beat analysts’ estimates but revenue that missed. The stock was up 1.8%.

Shopify
(SHOP) rose 2% to $66.88 after the stock was upgraded to Outperform from Market Perform at MoffettNathanson with a price target of $76.
Mizuho
also raised its price target on shares of the e-commerce company to $65 from $55.

Lam Research
(LRCX) was upgraded to Buy from Hold at
Stifel
and the analysts increased their price target on the chip-equipment company to $725 from $505. Shares rose 3% to $641.93.

ZoomInfo Technologies
(ZI) was down 2.6% to $25.98 after the stock was downgraded to Sector Perform from Outperform at RBC Capital.

Nvidia
(NVDA) gained 0.5% to $445.50. The price target on shares of the graphics chip maker were boosted to $530 from $400 by analysts at Mizuho.

Write to Joe Woelfel at [email protected]