Closing Bell: Lumentum Gains, Paramount/Warner Bros. Discovery Deal Paused, Sweetgreen Slides

Today's biggest winners and losers in the stock market.
On this episode of Stock Movers:

Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Sally Bakewell, Katie Griefeld, Carol Massar and Tim Stenovec

- Laser and optics hardware maker Lumentum (LITE) gained 5.7% to $774.03, placing it near the top of the S&P 500. Barclays upgraded Lumentum to Overweight from Equal Weight and reiterated a price target of $1,000. That endorsement, coupled with a resurgence across AI hardware stocks on Monday, gave the optical networking supplier a lift.

-A federal judge temporarily paused Paramount Skydance's (PSKY) $110 billion takeover of Warner Bros. Discovery (WBD) saying it “likely” violates antitrust law. California and 11 other states sued to block the Hollywood mega-merger on July 13. The states allege the deal, which seeks to combine two of the five largest studios, would harm competition for film and cable TV distribution. Paramount shares fell as much as 2.2% on the news and were down 1.4% at $8.63 at 1:25 pm in New York. Warner Bros. shares were down 1.5% at $26.47.

- Sweetgreen shares fall as much as 9.2% on Monday, resuming a slide that saw the stock down 15% last week over concern that an outbreak of a diarrhea-causing parasite linked to fresh produce will cause US consumers will avoid the salad chain.

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