Members of the Striking Writers Guild of America walk the picket lines outside the Netflix offices in Los Angeles on July 12, 2023.

Mike Blake | Reuters

Check out the companies making headlines in midday trading:

Visa – Shares of the credit card giant fell 2.5% after the company announced plans to change its share structure. Visa’s Class A shares are held by the public, Class B shares are held by U.S. banks, while Class C shares are owned by foreign banks. The company wants shareholders to approve an exchange offer that would remove transfer restrictions on portions of the Class B shares.

Semtech – The semiconductor stock rose 10% after beating second-quarter earnings expectations. Semtech earned 11 cents per share after adjustments, beating the consensus estimate of 2 cents per share from analysts surveyed by FactSet. However, the company gave weak guidance for the third quarter.

Penn Entertainment – ​​Shares of the sports betting company rose 8.7% on Thursday. Deutsche Bank launched a short-term call to buy Penn, citing a cheap valuation ahead of the launch of ESPN BET, which launches in November.

Netflix – Shares of the streaming giant fell 2.8% in midday trading after Chief Financial Officer Spencer Neumann said the ongoing strike by Hollywood writers was bad for business. At a conference on Wednesday, Neumann also warned that the ad-supported streaming option would not help boost revenue in the near term and said operating margins would grow more slowly in the future.

Yum China – Shares of the restaurant group rose 5.4% in midday trading after the company announced new financial targets and plans to expand to 20,000 locations by 2026 at an investor day.

AMC Entertainment – ​​The meme stock darling fell 1.1% after AMC said it had completed its stock offering announced earlier this month. The movie theater chain said it sold 40 million shares at an average price of $8.14, raising about $325.5 million.

Etsy – The e-commerce retailer’s shares rose 3.2% after Wolfe Research upgraded Etsy to “Outperform” from a peer perform rating, citing improving consumer spending and margins.

HP – PC and printer stocks fell 1.7% after news that Warren Buffet’s Berkshire Hathaway sold about 5.5 million shares of its stock, worth about $158 million, according to a official filing.

Exxon Mobil, Chevron – Shares of oil majors traded higher on Thursday as U.S. oil prices topped $90 a barrel for the first time since November 2022. Exxon shares rose 1.7%, while Chevron gained nearly 1%.

— CNBC’s Samantha Subin, Pia Singh and Alex Harring contributed reporting.

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