Midday movers: GameStop, AMC Entertainment rise; Alibaba falls
Investing.com -- Main U.S. indexes edged higher Tuesday despite data that showed hotter than expected producer prices in April after Federal Reserve Chairman Jerome Powell gave an optimistic overview of the US economy during a panel discussion.
Here are some of the biggest U.S. stock movers today:
GameStop (NYSE: GME) and AMC Entertainment (NYSE: AMC) stock both more than doubled as a rally in so-called meme stocks continued after a key figure in their 2021 rally re emerged from an extended break on social media. The stocks pared gains midday but were still up 67% and 83%, respectively.
Kraft Heinz (NASDAQ: KHC) stock fell 0.3% after the Wall Street Journal reported that the packaged foods giant is exploring a sale of its Oscar Mayer meats business that could fetch anything between $3 billion to $5 billion.
Apple (NASDAQ: AAPL) stock rose 0.3% after Bloomberg reported the tech giant is gearing up to sell its Vision Pro mixed-reality headset outside the United States, in a bid to invigorate demand for its most expensive bet in years.
Home Depot (NYSE: HD) stock fell 0.8% after the home-improvement retailer beat profit estimates for the first quarter but sales fell slightly short as the spring selling season got off to a delayed start.
Paysafe (NYSE: PSFE) stock rose 22% after the online payments company reported an increase in revenue in the first quarter and reaffirmed its full-year outlook.
Alibaba (NYSE: BABA) ADRs fell 7% after the Chinese e-commerce company reported March quarter earnings below expectations, posting a 86% profit drop, though revenue was above expectations.
On Holding (NYSE: ONON) stock rose 16% after the sportswear company reported a surge in net profit for the first-quarter, helped by increased revenue supported by direct-to-consumer sales.
Plug Power (NASDAQ: PLUG) rose 30% after it received a conditional commitment for an up to $1.66 billion loan guarantee from the Department of Energy’s Loan Programs Office to finance the development, construction, and ownership of up to six green hydrogen production facilities.
SunPower (NASDAQ: SPWR) rose 84% as heavily shorted stocks were targeted during the meme-stock frenzy. Rocket Companies (NYSE: RKT), Hertz Global (NASDAQ: HTZ), Lucid Group (NASDAQ: LCID), Rivian Automotive (NASDAQ: RIVN) and Roku (NASDAQ: ROKU) also gained.
Additional reporting by Louis Juricic