Southwest Airlines saw a 9% increase in its stock after activist hedge fund Elliott Management acquired a $1.9 billion stake in the company. Elliott Management is looking to replace Southwest’s CEO and Chairman. GameStop, the meme stock, experienced a 15% decline in trading following a turbulent week. This drop came after the company announced a significant decrease in sales and plans to sell more stock. Keith Gill, a prominent figure in the meme stock movement, hosted a livestream discussing GameStop but offered no new reasoning for his bullish thesis.
Huntington Bancshares saw a 5% decrease in its stock after updating its guidance for the year, now expecting a decline in net interest income. Advanced Micro Devices fell 3% after a downgrade from Morgan Stanley due to high investor expectations. On the other hand, KKR, CrowdStrike, and GoDaddy all saw stock increases after being announced as new members of the S&P 500 index. These companies will join the index on June 24, with others such as Robert Half and Comerica leaving.
Apple’s stock slipped 0.4% ahead of its Worldwide Developers Conference, where new artificial intelligence features are expected to be unveiled. ReNew Energy Global experienced a 7% increase in its stock after Morgan Stanley raised its price target, citing a positive outlook for the company in India’s energy transition. Planet Fitness rose 4% after an upgrade from Jefferies to buy from hold, with potential for further increases due to new leadership and changes to the franchisee model.
DraftKings gained 2% after Morgan Stanley named it as a top pick, noting that concerns over recent legislation in Illinois have been overdone. Overall, these companies are experiencing varying degrees of success in midday trading, reflecting the constantly changing nature of the stock market. The movements in these stocks could have significant implications for investors and the overall market.
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