Welcome to Extreme Investor Network, where we bring you the latest news and trends in the world of finance. Today, we’re diving into some of the companies making headlines before the bell.
GameStop and AMC Entertainment have captured the attention of investors once again, with GameStop soaring over 77% on speculation surrounding Keith Gill, also known as Roaring Kitty, and his significant stake in the company. AMC shares also jumped about 25% amidst the renewed meme-stock craze.
In the realm of mergers and acquisitions, Waste Management has agreed to acquire medical waste-disposal company Stericycle for $7.2 billion, causing Stericycle’s shares to jump 16%. On a similar note, MarineMax, a recreational boat and yacht services company, saw a 19% increase in its stock price following reports of a potential acquisition by OneWater Marine.
On the flip side, Cava, the Mediterranean fast-casual restaurant chain, experienced a slight decline after a downgrade by JPMorgan due to valuation concerns, despite its impressive 115% gain so far this year.
In the tech sector, chipmakers Nvidia and AMD saw positive movement in their stock prices after announcing new artificial intelligence chips. Nvidia introduced its next-generation AI chips, named “Rubin,” while AMD unveiled its new AI chips at the Computex tech conference in Taipei.
Moving on to other industries, Boston Beer Company faced a decline after reports of buyout talks with Japanese brewer and distiller Suntory were denied. Meanwhile, Best Buy received a double upgrade from Citi to buy from sell, citing potential upside in earnings and valuations.
Spotify also made headlines by announcing a price increase for its Premium subscriptions in the U.S., which led to a 4.8% increase in its stock price. On the biopharma front, GSK took a hit after a Delaware court permitted jury trials in cases brought by cancer patients claiming GSK’s Zantac drug was responsible for their condition.
Autodesk experienced a significant uptick in its stock price after stating it would not restate its financial results following an investigation into its accounting practices. Lastly, Paramount Global saw an increase in its shares after Skydance Media revised its buyout offer and provided nonvoting shareholders with an option to cash out Paramount Class B shares at a premium.
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