Shares of Visa were down more than 2% Thursday following the announcement of plans to alter its share structure. Visa holds Class A shares, which are owned by the public, as well as Class B shares and Class C shares, which are held by U.S. and foreign banks, respectively. The company hopes shareholders will give the greenlight to an exchange offer that would lift transfer restrictions on certain portions of the Class B stock.
Semtech rose 7% on Thursday as its second quarter earnings after adjustments, 11 cents per share, breezed past the consensus estimate of 2 cents per share from FactSet analysts. However, the company's outlook for the third quarter was uninspiring.
Penn Entertainment's stocks surged 6% Thursday following Deutsche Bank's initiation of a short-term buy call, which was made on anticipation of the upcoming launch of its ESPN BET in November.
Netflix's shares decreased by 2% following an announcement from the company's CFO Spencer Neumann that the writers' strike would negatively affect the streaming business. Neumann also indicated that the ad-supported streaming service wasn't going to bring in much revenue in the near future, and their operating margins would grow at a slower rate from now on.
Yum China shares rose nearly 6% after they presented new financial targets and mapped out a plan to expand to 20,000 locations by 2026 at their investor day.
AMC Entertainment's stocks rose 3% after they reported that their equity offering - which was announced last month - was finished. A total of 40 million shares were sold at an average price of $8.14, netting the movie theater chain approximately $325.5 million.
Etsy experienced a 3% stock increase following Wolfe Research's upgrade of its rating to outperform from peer perform. This was mainly due to improved consumer spending and higher margins.
HP's stock slightly decreased by nearly 3%, as a filing showed that Warren Buffet's Berkshire Hathaway had sold off about 5.5 million of its shares, totalling $158 million.
On the other hand, shares of Exxon Mobil and Chevron were trading higher as US oil prices exceeded $90 per barrel for the first time since November 2022. Exxon's stocks rose by 1.5%, while Chevron registered a 0.1% rise.
Contributions to this report were made by CNBC's Samantha Subin, Pia Singh, and Alex Harring.
Visa's stock was trading at a 2% deficit on Thursday after revealing intentions to modify its share distribution. These shares consist of Class A, which are owned publicly, as well as Class B and C, which are held by U.S. and foreign banks respectively. The company was seeking approval on the exchange offer that would end limitations on certain sections of stock set aside for Class B.
Semtech's stocks gained 7% after second quarter numbers that exceeded analysts expectations. The reported 11 cents in earnings adjusted for taxes easily beat the 2 cents per share projected by FactSet. Nevertheless, the guidance for the third quarter was weak.
Penn Entertainment was up 6% on the day as Deutsche Bank put out a buy call on the company ahead of its ESPN BET launch in November.
Netflix's shares fell by 2% as the Chief Financial Officer Spencer Neumann said that the Hollywood writer's strike would be bad for business. Neumann also noted that the revenue from the ad-supported streaming option would not improve in the short term and that profit margins may grow slower than expected.
Yum China reported a 6% increase after unveiling financial targets and the aim to open 20,000 locations by 2026.
AMC's shares rose 3% when they announced the closing of their equity offering with 40 million shares sold at an average of $8.14, collecting $325.5 million.
Etsy was up by 3%, propelled by Wolfe Research increasing its rating to outperform from peer performance due to improved consumer spending and margins.
HP's stock stumbled by 3%, as Warren Buffet's Berkshire Hathaway sold 5.5 million of its shares, estimated at $158 million.
Exxon Mobil and Chevron's shares were trading higher as US oil prices hit $90 per barrel for the first time since November 2022, giving Exxon a 1.5% rise and Chevron a 0.1% upsurge.
Samantha Subin, Pia Singh, and Alex Harring contributed to this report from CNBC.
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