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Notable midday stock movements: Southwest Airlines, GameStop, Advanced Micro Devices, and others

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Several companies made headlines in midday trading, with Southwest Airlines seeing a 7% rise in stock after activist hedge fund Elliott Management acquired a $1.9 billion stake in the company. Elliott Management aims to replace Southwest CEO Bob Jordan and Chairman Gary Kelly. GameStop, a meme stock, experienced a nearly 12% decline in volatile trading after announcing a significant drop in sales in the first quarter and plans to sell more stock. This news led to a negative response from investors, causing the stock to slide. Additionally, Keith Gill, a leader in meme stocks, hosted a livestream discussing GameStop but provided no new bullish thesis.

Huntington Bancshares saw a more than 6% decline after revising its guidance for the full year, with expectations for net interest income to decrease by 1% to 4%. Advanced Micro Devices also experienced a 4.5% drop after being downgraded by Morgan Stanley, citing elevated investor expectations. On a positive note, KKR, CrowdStrike, and GoDaddy shares rose after the announcement that they would be joining the S & P 500 index, with stock increases of 11%, 7%, and 2% respectively. This news came as part of the quarterly rebalance, with Robert Half, Comerica, and Illumina exiting the index.

Apple shares slipped nearly 2% following the company’s Worldwide Developers Conference, where they unveiled a new iOS operating system and artificial intelligence-related features. ReNew Energy Global saw a 4.8% increase in shares after Morgan Stanley raised its price target, highlighting the company’s strong position in India’s energy transition. Planet Fitness advanced 4.6% following a Jefferies upgrade, with the bank citing potential for a rally as a new CEO takes charge and adjustments are made to the franchisee model. DraftKings also gained 3.1% after Morgan Stanley named it a top pick and reassured investors about concerns related to Illinois’ new tax on sports-betting companies.

Overall, the midday trading session featured a mix of positive and negative news for various companies. While some stocks saw declines due to revised guidance and expectations, others experienced gains following strategic updates and positive analyst reports. The market continues to be influenced by a range of factors, from company-specific news to broader industry trends and regulatory changes. As investors navigate these developments, staying informed and monitoring market dynamics remains crucial for making informed investment decisions.

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