Midday Market Movers: Disney, Tesla, Mesa Air and More

Disney's stock dropped 3.6% after the release of their movie, "Avatar: The Way of the Water" failed to meet box office expectations. The movie earned $134 million, which was lower than the $175 million predicted by analysts and below the $135 million to $150 million range that Disney had anticipated.

Aerojet Rocketdyne saw a 1.6% increase in their stock after they accepted an offer from L3Harris Technologies to be purchased for $4.7 billion, or $58 per share in cash. In contrast, L3Harris Technologies experienced a 3% drop in their stock.

Shares of Wynn Resorts, MGM Resorts, and Las Vegas Sands all declined following the announcement that the casino operators had been granted 10-year concessions to operate their Macao casino resorts. Wynn Resorts fell 4.2%, MGM Resorts lost 2.9%, and Las Vegas Sands dropped 1.6%. To support their operations in Macao, Wynn has committed to investing $2.2 billion, Las Vegas Sands is looking at a $3.75 billion investment, and MGM plans to invest $2.1 billion.

Tesla's stock saw a 3.3% increase after Elon Musk, the company's CEO and owner of Twitter, asked his followers on the social media platform if he should remain in his position. The majority of voters said yes. Unfortunately, Tesla was unable to keep the gains and was last down 0.5%.

Mesa Air Group saw a 5% increase in their stock after they declared they were in the process of completing an agreement to provide regional flights for United Airlines, and ending their collaboration with American Airlines.

Carnival, a cruise line, experienced a drop of almost 4% in their stock after a trade magazine reported that they had canceled bookings for the Carnival Vista in the beginning of 2024 and that the ship would be in drydock for more than a month.

Since Warner Bros. Discovery declared last week that it was raising its restructuring cost estimates by $1 billion, its stock has been on a downward trajectory. At midday, the shares had dropped by more than 5%.

Shares of Sinclair Broadcast Group dropped by 4.7% after the New York Post reported that negotiations between the NBA, MLB, and NHL to acquire Diamond Sports Group, a regional sports network owned by Sinclair, were not going well. This could lead to a potential bankruptcy filing for the group.

Meta experienced a decrease of 2.2% in its stock price after the European Commission declared that the parent company of Facebook might be in breach of EU antitrust regulations. The EU also warned that Meta could be subject to a fine of up to 10% of its yearly revenue if it is found to have violated the laws.

Shares of Pentair, a company that specializes in pool water treatment, rose by 2% after Stifel upgraded their rating from hold to buy. Stifel noted that the difficulties faced by the pool industry are already taken into account in the stock's price.

TuSimple Holdings, a self-driving truck startup, saw its stock rise 8.1% following a Wall Street Journal report that the company is reducing its staff by half. Sources close to the situation have indicated that TuSimple had approximately 1,430 employees as of June.

Shares of Warner Music Group rose 2.5% after Atlantic Equities upgraded the stock to overweight. Analysts predicted that the stock could increase by more than 20% as the international music streaming industry expands.

NRG Energy saw a 1.7% increase in their stock after Bank of America upgraded it from underperform to neutral. The firm believes the stock is now at a fair value, following a sell off in early December due to the company's acquisition of the smart-home platform Vivint.

The stock of Coinbase has dropped to a new yearly low, with a 3.16% decrease, due to the repercussions of FTX's actions that have had a negative effect on the cryptocurrency sector. The stock has dropped by more than 85% in the current year.