Warner Bros. Discovery shares jumped 7% after the company announced plans to split into two publicly traded companies by next year. One company will host WBD’s streaming services and movie properties, while the other will include its cable networks such as CNN and TNT Sports.
Topgolf Callaway Brands, the golf equipment stock, rallied 8% following director Adebayo Ogunlesi’s disclosure on Friday that he had bought 383,700 shares. After the transaction, Ogunlesi owns a total of 512,600 shares. EchoStar shares tumbled 6% following reports from The Wall Street Journal that the telecommunications company is considering filing for bankruptcy under Chapter 11.
The move aims to protect its wireless spectrum licenses, which are under review by the Federal Communications Commission. Apple shares are up slightly ahead of the company’s closely watched Worldwide Developers Conference in Cupertino, California. Investors are keen to hear about Apple’s progress on Apple Intelligence, its response to generative artificial intelligence models.
Apple shares have lagged the market, with an 18% decline year to date. Robinhood and AppLovin shares fell 5% and 4%, respectively, after not being added to the S&P 500 on Friday. Both companies were considered possible candidates for inclusion in the index.
Shares surge on Warner Bros. split
Robinhood soared more than 13% last week leading up to the rebalance announcement, while AppLovin advanced more than 6%. Intuitive Surgical, the surgical product maker, slid 7% after Deutsche Bank downgraded the stock to sell from hold, citing concerns that the company’s competitive moat is at risk.
IonQ, the quantum computing stock, climbed 2% following the announcement that it has agreed to acquire Oxford Ionics in a deal valued at $1.075 billion in cash and stock. The deal is expected to close in 2025. Circle, the stablecoin issuer, saw its shares jump 10%, continuing its post initial public offering surge.
Circle’s stock is now nearly 300% above its $31 per share IPO price. McDonald’s stock slipped nearly 2% after Morgan Stanley downgraded its rating to equal weight from overweight, noting that the company hasn’t been insulated from pressures on the fast-food sector. Moelis & Co.
shares were more than 1% lower after The Wall Street Journal reported that CEO Ken Moelis is planning to step down from his role at the investment bank. He is expected to become executive chairman, effective Oct. 1, with Co-president Navid Mahmoodzadegan slated to become CEO.
Aon shares slipped 4% after the professional services company reaffirmed its full-year guidance during its investor day on Monday.