Midday Market Movers: AMC Entertainment, Tesla, Micron, Under Armour and More

AMC Entertainment's shares plummeted 14.8% after the company proposed a reverse stock split and announced a new $110 million capital raise. Shares of its preferred stock surged more than 64%.

Tesla's shares fell more than 9% during Thursday's trading session. The company is offering a $7,500 discount on its Model 3 and Model Y vehicles delivered in the United States by the end of the year, as well as 10,000 miles of free supercharging for those vehicles, according to its website.

Micron Technology's stock dropped 5% after the company shared disappointing quarterly earnings and revenue, which it attributed to slowing demand expected to continue into 2023. Micron also announced it's cutting its workforce by 10% next year. Other chip stocks, including Nvidia and Advanced Micro Devices, dropped 9% and 7%, respectively. Marvell Technology slumped more than 5%.

CarMax's shares fell 6.6% after the company reported earnings and revenue that were below analysts' expectations. CarMax earned 24 cents per share on $6.51 billion in revenue, while analysts had expected earnings of 70 cents per share on $7.29 billion in revenue.

Under Armour shares fell more than 4% on Thursday after the company announced that Stephanie Linnartz, the current president of Marriott International, would join the company as CEO in 2023.

TuSimple announced that it would be cutting 25% of its workforce, which would affect around 350 employees. This news caused the company's shares to drop by more than 12%.

Airline stocks took a hit on Thursday as news of hundreds of flight cancelations due to a massive winter storm swept the nation. American and United saw the biggest drops, falling 5.5% and 4%, respectively. Delta and Southwest were also down at least 3%.

Tyson Foods is expected to lose hundreds of employees when it consolidates its corporate offices next year, according to The Wall Street Journal. This news caused the company's shares to drop 1.9%.

MillerKnoll shares soared 7% in early trading Wednesday after the company posted better-than-expected earnings and revenue for its fiscal 2023 second quarter.

The office furniture builder also said it has been able to realize annualized expense reductions of $30 million to $35 million, which will begin to be realized in the third quarter and more fully in the fourth quarter.

Mirati Therapeutics' colorectal cancer treatment has been granted a "breakthrough therapy" designation by the FDA, sending shares up 2.2%.