Check out some of the companies making the biggest moves at noon: McDonald’s — CEO Chris Kempczinski said at an investor event that he expects high inflation and weak customer traffic to continue weighing on the restaurant industry. The burger chain reported U.S. same-store sales growth of just 0.8% in the most recent quarter as foot traffic to its domestic restaurants declined. McDonald’s stock fell more than 5% to its lowest price since 2022. Cracker Barrel Old Country Store — Shares rose 5% after the restaurant chain reported fourth-quarter fiscal adjusted earnings per share of 99 cents, up from 74 cents a year ago. Revenue of $849.3 million beat Wall Street’s consensus estimate of $834.6 million, and restaurant-level margins, cost of goods sold and adjusted EBITDA margins all beat expectations, according to FactSet data. Worthington Enterprises — The industrial manufacturing company’s stock rose 4% following an encouraging outlook from management. CEO Joseph Hayek said the company sees opportunities across its businesses, including “rapidly increasing demand for our designed (American Society of Mechanical Engineers) tanks used in data center liquid cooling systems.” LSEG said first-quarter adjusted profit and sales exceeded TheStreet’s expectations. Astrana Health — Shares fell 6% after the AI-powered healthcare company reported a “significant” data breach. Astrana said in a regulatory filing that certain personal and confidential information was accessed without authorization and that an investigation is ongoing. Royal Caribbean — Shares fell nearly 3% to a 52-week low after the cruise line operator announced plans to acquire a 50% stake in the parent company of Sandals and Beaches Resorts for $3 billion. Royal Caribbean said the deal should close early next year and be accretive to 2027 revenues. Alibaba — The Chinese e-commerce company’s U.S.-traded shares fell 4% as investors took chips off the table following a four-day winning streak. This week, Alibaba launched its artificial intelligence chip Zhenwu V900 and shared plans to operate more than 20 gigawatts of global data center capacity by 2032. Paychex — Shares of the payroll company fell nearly 7%. First-quarter adjusted earnings beat expectations, but revenue of $1.63 billion was in line with analysts’ expectations, according to FactSet. Paychex’s managed solutions business had revenue of $1.21 billion, missing StreetAccount’s consensus call of $1.23 billion. IonQ — Quantum computing stocks rose 5% after IonQ announced it had tested the industry’s first real-time quantum error decoder. IonQ says this new feature enables quantum error correction across multiple operations without slowing execution time. Maplebear — Shares fell 3% after Instacart’s owner announced it would allow customers of the grocery platform to use Meta’s personal AI agent Muse. It is the latest AI platform to partner with Instacart and join OpenAI’s ChatGPT, Anthropic’s Claude, and Google’s Gemini. Immunovant — Shares fell 9% after the clinical-stage immunology company reported disappointing results from a proof-of-concept trial of IMVT-1402 for the treatment of cutaneous lupus erythematosus (CLE). Immunovant plans to discontinue development in this area. Although this study did not meet its goals for CLE, the company plans to continue developing drugs to treat other autoimmune diseases, including Graves’ disease. —Reporting by CNBC’s Davis Giangiulio, Michelle Fox, Darla Mercado, Christina Cheddar-Berk, Nick Wells and Amelia Lucas
