Welcome to Extreme Investor Network, where we bring you the latest updates on the companies making headlines in the world of finance. Today, we dive into the midday trading scene, where we saw some interesting movements in the market.
GameStop and AMC Entertainment, the so-called meme stocks, experienced a significant retreat after a two-day rally. GameStop saw a decline of about 30%, while AMC dropped 20% as the trading frenzy seemed to fade. The sell-off in AMC shares also came after the company announced a debt-for-equity swap. Despite these drops, before Wednesday, GameStop and AMC were up 179% and 135% this week, respectively.
Boeing shares slipped 1.7% after the Justice Department accused the airplane manufacturer of breaking a 2021 settlement that protected it from criminal charges related to two fatal 737 Max crashes. Dell Technologies, however, rallied more than 8% after Morgan Stanley raised its price target on the stock, citing increasing momentum among enterprise clients.
Nio, the Chinese automaker, dropped 8% despite receiving an upgrade from JPMorgan. The firm mentioned that shares could benefit from Chinese government stimulus policy and Nio’s latest battery-as-a-service strategy. Nio also launched its new lower-priced brand, Onvo, aiming to compete with Tesla.
Monday.com, the project management software company, soared nearly 19% after posting better-than-expected first-quarter results and raising its full-year guidance. New York Community Bancorp agreed to sell around $5 billion in mortgage warehouse loans to JPMorgan Chase to bolster its liquidity, causing its shares to fall 4%.
Petco Health & Wellness saw its shares surge more than 16% after appointing Glenn Murphy as executive chairman of the board and his purchase of approximately $2.5 million worth of shares. TKO Group Holdings, a sports entertainment stock, rose nearly 3% after an upgrade to buy from hold at TD Cowen, which highlighted the stock as a relatively cheap way to invest in sports.
Stay tuned to Extreme Investor Network for more updates and insights into the world of finance. Join us as we navigate the complexities of the market and bring you unique information to help you make informed investment decisions.