In midday trading, shares of Paramount Global surged by more than 9% after news broke that Skydance Media had reached a preliminary merger deal with controlling shareholder National Amusements. This development prompted the media and entertainment stock to spike, with Paramount Global’s special committee currently reviewing and voting on the agreement.
Meanwhile, the electric vehicle giant, Tesla, saw a 6% jump in its stock price, bringing its week-to-date gains to an impressive 24%. This increase followed the announcement of better-than-expected deliveries in the second quarter, leading Wedbush analyst Dan Ives to increase his 12-month price target on the company to $300.
Shares of MGM Resorts International also experienced a 3.5% uptick after BTIG initiated coverage with a buy rating and a 52% price target, signaling nearly 23% upside potential from the previous close. The firm highlighted MGM’s diversification efforts as a positive factor for future growth.
However, Constellation Brands, a beer and wine company, saw its stock drop by 2.5% following first-quarter sales that fell slightly below expectations. While the company reported better-than-expected earnings per share, its revenue for the quarter came in lower than anticipated. Sales of its wine and spirits segment were down, with shipment volumes and depletions also declining.
On a positive note, silver, gold, and copper miners experienced gains, driven by a weakening U.S. dollar and dovish remarks from Federal Reserve Chair Jerome Powell. Silver miners were up by 4.3%, gold miners by 3.76%, and copper miners by 4%, marking their best trading day in months.
Lastly, Constellation Energy saw a 2.7% increase in its stock price following reports of discussions with Pennsylvania officials regarding a potential restart of part of its Three Mile Island facility. This facility, known for a nuclear meltdown in the 1970s, is currently under consideration for reactivation, signaling a potential shift in the energy company’s operations.
Midday trading saw a mix of positive and negative movements in various sectors, reflecting the dynamic nature of the stock market. Investors should continue to monitor these developments closely to make informed decisions about their portfolios.