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Top premarket stock movers: GameStop, Stericycle, MarineMax, Paramount and others

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Check out the companies in the stock market making headlines before the trading day begins. GameStop is up over 77%, fueled by speculation that the popular online investor Roaring Kitty has a $116 million stake in the company. AMC Entertainment is also on the rise, jumping 25% on the renewed interest in meme stocks. Waste Management is set to acquire medical waste-disposal company Stericycle for $7.2 billion, causing Stericycle’s shares to surge by 16%.

MarineMax, a recreational boat and yacht services company, saw a 19% increase in its stock price following reports that OneWater Marine is in talks to acquire the company for $40 per share in cash. On the other hand, fast-casual restaurant chain Cava slipped nearly 2% after a downgrade by JPMorgan, citing the stock’s valuation. However, despite the drop, Cava’s stock has seen a significant rise of 115% so far this year.

Chipmakers Nvidia and AMD both experienced gains after announcing new artificial intelligence chips. AMD unveiled its new AI chips at the Computex tech conference in Taipei, while Nvidia introduced its next-generation AI chips called “Rubin.” Bank of America named Nvidia a top pick with a price target indicating a potential 36% upside for the stock. The Boston Beer Company’s shares declined by 11% after reports of talks with Japanese brewer Suntory were denied.

Best Buy saw a 2.7% increase after a double upgrade from Citi, which cited potential earnings and valuation upside due to increased consumer demand for technology. Spotify’s stock rose by 4.8% following the announcement of a price increase for Spotify Premium subscriptions in the U.S. starting in July. Biopharma company GSK tumbled 8.5% after a Delaware court ruled in favor of cancer patients claiming that GSK’s Zantac drug caused their condition.

Autodesk experienced a 6.8% surge after confirming that it would not need to restate its financial results following an investigation into its accounting practices. Paramount Global saw its shares rise by over 6% after Skydance Media revised its buyout offer for Paramount and offered nonvoting shareholders an option to cash out Paramount Class B shares at a premium. These movements in the stock market reflect the ongoing trends and developments in various industries, highlighting the dynamic nature of the market and the impact of news and announcements on stock prices.

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