Check out the companies making headlines in midday trading: Virgin Galactic – The struggling space company fell 15% as the 1-for-20 reverse stock split went into effect. The company was trying to get its stock back above $1 a share after a steady decline over the three years past. Virgin Galactic paused spaceflight operations this year to focus resources on developing the next generation of its Delta-class spacecraft. AMC Networks – Shares of the cable TV network fell more than 30% after it announced plans to sell $125 million of convertible securities due 2029 in a special offering to institutional buyers. Xponential Fitness – Stock is up nearly 26% after the company named Mark King as CEO effective today. The company also announced that Brenda Morris, who served as interim CEO, will remain on its board of directors. Autodesk – Shares gained more than 6% after activist fund Starboard Value took a $500 million stake in the software company. Starboard said it was considering legal action over the company's delay in disclosing that it had launched an internal investigation into accounting irregularities. Broadcom – The chipmaker's stock extended its gains since Friday, rising nearly 5% during Monday's session and rising more than 35% this month. The company beat earnings and revenue estimates for its fiscal second quarter last week, announcing a 10-for-1 stock split. Shattuck Labs – The biotech stock fell 14% on the back of BTIG's rating downgrade to neutral from buy. Although clinical trial data released Friday show “encouraging efficacy,” BTIG said there is “ambiguity” in one area that should remain unresolved until the second half of 2025. Louisiana Pacific Co. – Shares of building materials manufacturer fall By more than 5% after that. Goldman Sachs downgraded the stock to sell from neutral. The Company believes that corporate valuation combined with competitive and macroeconomic pressures will lead to poor performance. TDK – Shares of the Apple supplier rose about 2.6% after the company said it had successfully developed a material for its solid-state batteries. The company also said the material could boost the performance of wearable devices. Best Buy – The retailer's stock jumped 43.5% after UBS upgraded to buy from neutral and increased its price target to $106 per share from $85. The investment bank believes that a potential upcoming hardware upgrade cycle and new product offerings could lead to outperformance. Corning — The stock rose nearly 4%, hitting a new 52-week high, after getting an upgrade to outperform equals at Fox Advisors. Fox also set a price target for the stock at $45. Chipotle – The restaurant chain's stock rose nearly 3% before the company's stock split 50-for-1, which is how it will begin trading on the open market on June 26. The stock hit a new 52-week high during Monday's session. — CNBC's Alex Haring and Yun Li contributed reporting.
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