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Midday trading is making headlines on several companies. AMC Entertainment saw a surge of 30% after a judge blocked a proposal for a stock conversion plan which would have increased the amount of shares the company can issue to pay down debt. AMC also revealed the highest attendance and admissions revenue since 2019 due to the so-called 'Barbenheimer' phenomenon. This success is helping out various stocks, such as Imax, Mattel, Chevron, Knight-Swift Transportation, and Intuitive Surgical.
On the other hand, despite Intuitive Surgical's better-than-anticipated results, Domino’s Pizza's mixed earnings, and Becton Dickinson's FDA clearance for its updated infusion system, Sirius XM, Spotify and Estee Lauder are seeing a decline in their stocks. Sirius XM's stock price was cut due to short interest and buying from investors in anticipation of the Nasdaq rebalance. While Spotify's stock decreased after announcing price increases for its premium plans, Estee Lauder's downgrade to neutral from overweight was attributed to slower China recovery, weak market share, and lower brand preference.
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