Here’s a look at some of the companies catching our eye in midday trading: McDonald’s — Shares of the fast-food giant rose nearly 4% after its quarterly profit and sales missed Wall Street expectations. Investors seemed relieved that the company plans to continue using its $5 value menu as a way to win back lower-income customers. Management said the strategy has helped improve sentiment about the brand’s value and affordability. Revuvity — The life sciences company rose 9% after its second-quarter profit beat expectations. Revuvity’s adjusted earnings of $1.22 per share beat FactSet’s estimate of $1.12 per share. The company’s revenue of $691.7 million also beat analysts’ expectations of $690.3 million. Akamai Technologies — Shares of the cloud security company rose 0.4% after Guggenheim upgraded the stock to buy from neutral.The investment firm sees a 32% upside as Akamai leverages its leadership position to deliver more value to customers. Tesla – Electric car maker Tesla rose 6% after being named the top U.S. auto stock pick by Morgan Stanley analyst Adam Jonas. Tesla replaced Ford, whose shares fell about 2%. Stellantis – The automaker’s shares fell about 4% to a 52-week low after Deutsche Bank downgraded Stellantis shares to “hold” from “buy.” The company sees its guidance at risk, saying a “challenging” environment will not allow it to address key issues, including inventory, pricing and a lack of model years compared to peers. Walt Disney – The entertainment giant’s shares rose 2.5% after a strong box office debut for “Deadpool & Wolverine.” The new Marvel movie grossed more than $200 million at the domestic box office, a record opening weekend for an R-rated movie. ON Semiconductor — Shares rose nearly 12% after the semiconductor company reported better-than-expected results. Second-quarter adjusted earnings per share were 96 cents, beating the consensus estimate of 92 cents, according to FactSet. Revenue was $1.74 billion, beating analysts’ estimates of $1.73 billion. Dexcom — Shares of the diabetes medication company rose 5%, clawing back some of Friday’s losses. The stock rose after Dexcom said its updated insulin pump software received marketing approval from Health Canada. The stock had fallen more than 40% the previous day after Dexcom reported disappointing second-quarter results and weak guidance. — CNBC’s Sean Conlon, Michelle Fox, Alex Harring, Jesse Pound and Samantha Sabin reported.
Biggest movers midday: DIS, DXCM, MCD, ON
