Check out the companies making headlines in midday trading. Starbucks, Chipotle Mexican Grill – Starbucks shares rose 21% after the coffee chain fired CEO Laxman Narasimhan effective immediately and replaced him with Chipotle CEO Brian Niccol, who will take office Sept. 9. Three Wall Street firms have already upgraded Starbucks shares on the news. Chipotle shares lost 9% following Niccol’s departure. Home Depot – The home improvement retailer gained 2% after falling as much as 4% in premarket trading after Home Depot issued lackluster guidance due to cautious consumers. The company expects full-year comparable sales to decline 3% to 4% year over year. Home Depot had expected a decline of about 1%. Dell Technologies – The technology stock rose 6% after Barclays upgraded its stock to equal weight from underweight. The bank said Dell’s recent decline could be explained by concerns about the durability of demand for artificial intelligence offerings. Tencent Music Entertainment Group – Shares plunged about 15% after the China-based music streaming company reported a 1.7% year-over-year decline in revenue. Mobile monthly active user numbers also fell short of analysts’ expectations, according to FactSet. Hormel Foods – Shares rose 2% after Citigroup upgraded the stock to Buy from Neutral. The company cited improving retail sales trends and a better input cost environment, as well as potential upside for margins in the turkey segment. On Holding – The sportswear company’s stock rose about 7% after On Holding released its second-quarter results. Revenue of 567.7 million Swiss francs beat the 562.1 million expected by analysts polled by StreetAccount. However, earnings of 0.14 Swiss francs per share, or about $0.16, disappointed the consensus estimate of 0.16 Swiss francs. ViaSat – The satellite company’s stock fell 20% after securities filings showed several major shareholders are planning significant sales. The filings showed shareholders, including the Ontario Teachers’ Pension Plan Board, were working with Morgan Stanley to sell a total of about 11 million shares of ViaSat. Rumble – Shares rose over 5% after the video-sharing company’s second-quarter results beat expectations on revenue and profit. Rumble reported a narrower-than-expected loss of 13 cents per share versus the 15 cents per share loss analysts were expecting, according to FactSet. Revenue of $22.5 million beat the consensus estimate of $19.7 million. Madison Square Garden Sports – Shares rose 1% after Madison Square Garden Sports reported strong fourth-quarter results. Adjusted operating income of $56.5 million far exceeded the FactSet consensus estimate of $12.3 million. Baxter International – The healthcare company’s stock fell 6% after Baxter International agreed to sell its kidney care unit Vantive to Carlyle for $3.8 billion. B. Riley Financial – The financial services company’s stock fell about 9% to a 52-week low, extending huge losses from Monday’s session after B. Riley requested a delay to its second-quarter report on its 10-Q form with the SEC. The stock fell nearly 52% on Monday after reports that the company is under SEC investigation over its risk disclosures. — CNBC’s Sean Conlon, Michelle Fox, Alex Harring, Hakyung Kim and Jesse Pound contributed reporting.
