Midday movers: Broadcom, Tesla rise; MicroStrategy falls

June 13, 2024 7:47 AM EDT
(Updated - June 13, 2024 11:40 AM EDT) -- U.S. stock futures traded in a mixed fashion Thursday, as investors digested a hawkish message from the latest Federal Reserve as well as cooler than expected inflation data.

Here are some of the biggest U.S. stock movers today:

  • Broadcom (NASDAQ: AVGO) stock soared 14% after the semiconductor group upgraded its annual revenue guidance for its artificial intelligence-optimized chips, benefiting from the boom in enthusiasm around AI.

  • Tesla (NASDAQ: TSLA) stock rose 4% after CEO Elon Musk said in a social media post that shareholders are backing his $56 billion pay package and a move by the electric vehicle giant to reincorporate in Texas from Delaware.

  • Dave & Buster’s Entertainment (NASDAQ: PLAY) stock slumped 10% after the restaurant and entertainment operator reported another quarter of lagging sales.

  • GameStop (NYSE: GME) stock rose 3.5% ahead of the video game retailer’s annual shareholder meeting later in the session, continuing the meme stock’s roller-coaster stock-market ride.

  • Virgin Galactic (NYSE: SPCE) stock fell over 14% ahead of the space travel company’s 1-for-20 reverse stock split, due to go into effect on Friday.

  • MicroStrategy (NASDAQ: MSTR) stock fell 6% after the business-analytics company announced plans to offer $500 million in convertible debt.

  • 3M (NYSE: MMM) stock rose 0.5% after the industrial conglomerate announced it would transfer about $2.5 billion of its U.S. pension payment obligations and related plan assets for nearly 23,000 U.S. retirees and beneficiaries to Metropolitan Tower Life Insurance.

  • Chipotle Mexican Grill (NYSE: CMG) rose 3% after Goldman Sachs initiated coverage on the stock with a 'buy' rating, calling it a top idea.

  • GE Aerospace (NYSE: GE) declined 4% after JPMorgan reduced their Q2 sales estimates.

  • Stellantis (NYSE: STLA) fell 2.7% despite reaffirming outlook for the year. The automaker sees double-digit adjusted operating income margin and positive industrial free cash flows. It also sees delivering at least EUR7.7 billion in dividends and buybacks in 2024.

Additional reporting by Louis Juricic

You May Also Be Interested In

Related Categories

General News, Hot List, Investing, Special Reports

Related Entities

JPMorgan, Goldman Sachs, Tesla, Maynard Um, Mark Zuckerberg, ARK