Midday movers: AMC Entertainment, GameStop fall; Dell rises
Investing.com -- Main U.S. indexes rose Wednesday after data showed consumer prices cooled in April, lifting hopes the Fed will cut interest rates soon.
Here are some of the biggest U.S. stock movers today:
AMC Entertainment (NYSE: AMC) stock fell 26%, after this week’s hefty gains, following the cinema chain’s disclosing a debt-for-equity swap that will see it issue over 23 million shares. Meme stock peer GameStop (NYSE: GME) was down 31%.
Boot Barn (NYSE: BOOT) stock underperformed its peers after the footwear retailer forecast sales trends for the fiscal year ahead that were below expectations amid continuing tepid demand from shoppers.
Nextracker (NASDAQ: NXT) stock rose 10% after the solar tracker manufacturer posted quarterly earnings and revenue above expectations, driven by robust demand in U.S. and international markets.
Boeing (NYSE: BA) stock fell 2.5% after the U.S. Justice Department said that the aircraft manufacturer had breached its obligations in a 2021 agreement that shielded the planemaker from criminal prosecution over fatal 737 MAX crashes.
New York Community Bancorp (NYSE: NYCB) stock fell 3.9% after the lender agreed to sell a portfolio of about $5 billion in mortgage warehouse loans to JPMorgan.
Walmart (NYSE: WMT) stock was flat after the retail giant announced that it plans to cut hundreds of jobs at its corporate headquarters and relocate a majority of its U.S. and Canada-based remote workforce to three offices.
Tesla (NASDAQ: TSLA) stock fell 1.5% after the EV manufacturer faced a 11% week-over-week decline in Chinese sales, with sales dropping to 9,800 units.
Dlocal (NASDAQ: DLO) stock fell 28% after the fintech company released its first-quarter financial report, which fell short of Wall Street expectations.
SunPower (NASDAQ: SPWR) fell 26% after it was downgraded to 'underperform' at Wolfe Research. The stock surge in recent days as heavily shorted stocks rallied.
Dell Technologies (NYSE: DELL) rose 8% after analysts at Morgan Stanley raised their price target on the stock, a top pick, to $152.
monday.com Ltd. (NASDAQ: MNDY) rose 19% after first quarter earnings beat estimates and it raised full year guidance. Analysts were impressed with its strong performance.
Walt Disney (NYSE: DIS) fell 3.3% after CEO Bon Iger said at a conference he plans to investing in Disney+ and cut marketing spend, while dramatically reducing content spending in linear TV.
Additional reporting by Louis Juricic