Here’s a look at the companies making headlines in midday trading: Advanced Micro Devices — Shares of the chip maker were up more than 2%. Advanced Micro Devices announced plans to acquire server maker ZT Systems in a cash and stock deal worth $4.9 billion. HP — Shares fell more than 3% after Morgan Stanley downgraded the personal computer company to equal weight from overweight, citing limited upside potential. Sweetgreen — Piper Sandler downgraded Sweetgreen to neutral from overweight, saying the stock’s risk/reward balance is now more balanced, sending the salad chain down 6%. Analyst Brian Mullan issued the rating change amid a weakening outlook for the fast-casual industry, but noted that his long-term view on Sweetgreen remains positive. Estée Lauder – The beauty stock rose about 1%. Estee Lauder’s guidance for fiscal 2025 was disappointing. The company also announced that Chief Executive Fabrizio Freda will retire at the end of fiscal 2025. A U.S. judge on Friday temporarily blocked the launch of sports streaming service Venu. FuboTV alleges in its lawsuit that the sports streaming service launched by Disney, Warner Bros. Discovery Channel and Fox is anti-competitive. Taylor Morrison Home — shares rose 3% after BTIG upgraded the stock to buy from neutral. The company said it strengthened its confidence in the homebuilder’s long-term goals. General Motors — Shares of the industrial giant rose less than 1%. General Motors said it will lay off more than 1,000 salaried employees in its software and services divisions globally following a review to streamline the unit’s operations. The layoffs include about 600 jobs at GM’s technology park near Detroit. Dutch Bros — Shares of the coffee chain fell 3% after Piper Sandler downgraded the coffee chain’s stock to neutral from overweight. The investment firm said Dutch Brothers could be hurt by reduced traffic at fast-casual restaurants. Zim Integrated Shipping Services — The shipping stock rose 23% after raising its full-year adjusted EBITDA forecast. The company said it expects full-year adjusted EBITDA of $2.6 billion to $3.0 billion, up from its previous forecast range of $1.15 billion to $1.55 billion. ZIM also said second-quarter revenue was $1.93 billion. Shake Shack — Shares of Shake Shack fell 3% after Piper Sandler downgraded the burger chain to neutral from overweight. The company cited the deteriorating industry backdrop. McDonald’s – Shares of the burger giant rose 3% after Evercore ISI raised its price target to $320 from $300. “We are increasingly bullish on McDonald’s U.S. business in 2024, having seen some recent improvements in relative market share trends, which we believe will continue into the second half of 2024,” analysts wrote in a note on Monday. The company Maintain McDonald’s outperform rating. —CNBC’s Alex Harring, Michelle Fox, Yun Li, Sarah Min, Hakyung Kim and Jesse Pound contributed reporting.
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