Several companies made headlines in midday trading, with meme stocks stealing the spotlight. GameStop surged over 65% and AMC popped over 70%, fueled by the return of “Roaring Kitty” after almost three years of online silence. Even after completing a $250 million stock sale, AMC continued its rally. Other meme stocks, such as BlackBerry and Koss, also saw significant increases in their share prices. Chinese technology company Alibaba, on the other hand, dropped 7% after reporting an 86% decline in net income for its fiscal fourth quarter, despite surpassing revenue expectations.
Sony’s U.S.-listed shares jumped 5.3% as quarterly revenue exceeded analyst expectations, although operating profits fell short. Meanwhile, Vodafone’s U.S. shares surged 5% after the U.K.-based telecommunications company reported full-year profit that beat expectations. Shoe maker On Holding saw a 16% increase in its shares after first-quarter earnings surpassed analysts’ expectations, making it the best day for the stock since March 2023. United Airlines added 1% on strong expectations for summer travel, with record-breaking numbers anticipated for the Memorial Day period.
Newell Brands rallied 4.7% after receiving an upgrade from Barclays to equal weight from underweight, suggesting that the business is closer to normalizing following the pandemic-induced surge in demand. Video game developer Roblox enjoyed a 3.9% jump after a challenging month that saw a decline of over 9% in shares, with Roth Capital downgrading the stock to neutral from buy. Boston Beer Company saw a 1% increase following an upgrade to buy from hold by Jefferies, citing positive sales trends in flavored malt beverages and ready-to-drink cocktails.
Gym chain Planet Fitness gained nearly 2% after JPMorgan upgraded the stock to overweight from neutral, expressing confidence in the company’s long-term growth outlook. Stellantis, an automaker, saw a 2% climb after announcing plans to aggressively expand electric vehicle sales outside of the U.S. through a deal with Leapmotor starting in September. The joint venture will see Leapmotor leveraging Stellantis’ distribution networks, particularly in Europe. Overall, the midday trading session highlighted various companies experiencing significant movements in their stock prices.
