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Traders work on the floor of the New York Stock Exchange (NYSE) on the last day of the trading year on December 31, 2018 in New York City.
Check out the companies making headlines midday Tuesday:
Deutsche Bank — Deutsche Bank shares dipped 2 percent a day after rallying on news about a possible merger with Commerzbank. The potential merger, however, sparked concerns from labor unions about potential job losses and analysts to question whether the merger would be beneficial.
Yum Brands — Shares of Yum Brands slipped 0.7 percent after an analyst at J.P. Morgan downgraded the stock to neutral from overweight, citing little upside to the companies’ estimates after a recent run-up.
Domino’s Pizza — The pizza maker’s stocks climbed more than 1 percent after J.P. Morgan hiked its rating on it to overweight from neutral, noting Domino’s’ “algorithm to achieve 8-12% system-wide sales growth remains intact.”
Del Taco Restaurants — Shares of the California fast food chain dropped more than 8 percent after the company reported fourth-quarter earnings that disappointed investors. The company posted earnings per share of 18 cents, just missing a Refinitiv estimate of 19 cents.
Revlon — The cosmetics company said there was “material weakness” in its financial reporting but doesn’t expect any changes to previously reported results. Revlon said the weakness relates to the implementation of a back-end technology system. Revlon shares dropped 5 percent.
DSW — DSW’s shares fell more than 10 percent after the footwear retailer reported quarterly results that fell short of expectations. DSW reported a fourth-quarter loss of 7 cents per share and profit margins fell by 3 percent. Analysts polled by Refinitiv expected a profit of 4 cents per shares.
Michaels Companies — Shares of the Texas-based retailer jumped more than 13 percent after the company posted better-than-expected earnings for the previous quarter. Michaels also issued better-than-expected comparable sales guidance for fiscal 2020.
Tilray — Canadian cannabis maker Tilray fell more than 2 percent as investors digested the company’s fourth-quarter earnings report. Tilray reported a quarterly loss of 33 cents per share, far wider than the 4 cent loss in the year-earlier period. The company’s revenue did top expectations, however. The stock initially rose more than 4 percent before turning lower.
Advanced Micro Devices — Shares of AMD jumped more than 7 percent to lead the S&P 500 higher after Google confirmed the chipmaker will power the search engine’s graphics rendering for its cloud-based gaming platform.
—CNBC’s Isabel Soisson and Emma Newburger contributed to this report.