Midday movers: Southwest Airlines, CrowdStrike, KKR rise; AMD falls
(Updated - June 10, 2024 11:28 AM EDT)
Investing.com -- U.S. stock futures were mixed Monday, ahead of the release of key inflation data and the latest Federal Reserve meeting this week.
Here are some of the biggest U.S. stock movers today:
Apple (NASDAQ: AAPL) stock was choppy ahead of the start of the tech giant’s annual developer conference, where it’s expected to showcase how it is integrating artificial intelligence across its software suite, including a revamped Siri voice assistant and a possible tie-up with ChatGPT owner OpenAI.
Moderna (NASDAQ: MRNA) stock fell 2.8% despite the biotech company announcing its combination vaccine, which targets both Covid-19 and the flu, was more effective than existing standalone shots in a late-stage trial.
Tesla (NASDAQ: TSLA) stock fell 0.7% after Norway's $1.7 trillion sovereign wealth fund said it will vote against ratifying CEO Elon Musk's $56 billion pay package, which is up for a shareholder vote.
GameStop (NYSE: GME) stock fell 7% following Friday’s 40% drop in the wake of a big first-quarter sales miss, as the meme stock favorite’s volatile trading continued.
Southwest Airlines (NYSE: LUV) stock soared 9% activist investor Elliott Investment Management confirmed a nearly $2 billion stake in the carrier and plans to push for changes.
CrowdStrike (NASDAQ: CRWD), KKR (NYSE: KKR) and GoDaddy (NYSE: GDDY) all rose strongly after S&P Dow Jones Indices said the companies would be included in the S&P 500 later this month, replacing Robert Half (NYSE: RHI), Comerica (NYSE: CMA) and Illumina (NASDAQ: ILMN).
DraftKings (NASDAQ: DKNG) stock rose 2% after Morgan Stanley added the betting company to its Top Pick list, citing positive catalysts from capital return and reiterated guidance.
Broadcom (NASDAQ: AVGO) stock rose 3% after Morgan Stanley resumed coverage of the semiconductor company at ‘overweight’, calling it one of the strongest AI plays.
AMD (NASDAQ: AMD) fell 2.6% after Morgan Stanley downgraded the stock to 'equalweight' from 'overweight', citing concerns about high AI expectations.
Huntington Bancshares (NASDAQ: HBAN) fell 6.6% after it lowered full year guidance for net interest income. The update sparked selling in regional banks, with KeyCorp (NYSE: KEY), M&T Bank Corp. (NYSE: MTB), and First Horizon National (NYSE: FHN) all trading lower by about 2%. The regional Banking ETF (NYSE: KRE) fell 2.25%.
Additional reporting by Louis Juricic