Stocks making the biggest moves midday: Paramount Global, Tesla, MGM Resorts and more

Published Wed, Jul 3 202412:20 PM EDTUpdated Wed, Jul 3 20241:13 PM EDT

Check out the companies making headlines in midday trading: Paramount Global — The media and entertainment stock popped nearly 7% on news that Skydance Media has reached a preliminary merger deal with controlling shareholder National Amusements. Paramount Global's special committee is reviewing and voting on the agreement , CNBC reported, citing a person familiar with the matter. Tesla — The electric vehicle company jumped another 6.5%, bringing its week-to-date gains to 24.5%. The rally came after Tesla posted better-than-expected deliveries in the second quarter . Wedbush analyst Dan Ives hiked his 12-month price target on the Elon Musk-led company to $300 from $275 previously. The new forecast implies a 30% gain from Tuesday's close. MGM Resorts International — Shares moved 2.2% higher after BTIG initiated coverage of the casino operator with a buy rating and 52% price target, which implies nearly 23% upside from Tuesday's close. The firm said MGM is diversifying in a healthy way, which should improve growth. Constellation Brands — Shares of the beer and wine company fell 3.3% after its first-quarter sales came in just below expectations. Though the company posted better-than-expected earnings of $3.57 in adjusted earnings per share compared to the $3.46 analysts surveyed by LSEG were expecting, revenue for the quarter came in at $2.66 billion, while analysts were expecting $2.67 billion. Sales of its smaller wine and spirits business were down 7% as well, with its shipment volumes and depletions dropping 5.1% and nearly 13%, respectively. Metal ETFs — Silver, gold and copper miners were trading higher as the U.S. dollar waned following dovish remarks from Federal Reserve Chair Jerome Powell in the prior session. Silver miners were up 4% on Wednesday and on pace for their best day since May 17, while gold miners were up 3.7% and on pace for their best day since March 20. Copper miners also gained about 3.5%, tracking for their best day since May 17. Constellation Energy — The energy stock rose around 2% following a Reuters report that the company is in talks with Pennsylvania officials regarding a possible restart of part of its Three Mile Island facility, which is the site of a nuclear meltdown that occurred in the 1970s. The talks are "beyond preliminary," according to two Reuters sources. — CNBC's Samantha Subin, Yun Li, Lisa Kailai Han, Michelle Fox and Gina Francolla contributed reporting.