Welcome to Extreme Investor Network, your go-to source for all things finance. Today, we’re taking a look at some of the top companies making headlines in midday trading.
First up, we have Chewy and GameStop. Chewy’s stock dropped 6.6% after meme stock trader Keith Gill, also known as “Roaring Kitty,” purchased nine million shares, amounting to a 6.6% stake in the pet food e-commerce company. His other top holding, GameStop, also slid 5.5%. It’s unclear if he sold shares of GameStop to buy Chewy.
Boeing announced a $4.7 billion all-stock deal to buy back fuselage maker Spirit AeroSystems, which led to a 2.6% rise in Boeing’s shares and a 3.4% rise in Spirit AeroSystems’ shares.
Trump Media & Technology Group saw a 3% increase in its stock price, recovering from an 11% loss during the previous session. The company experienced volatility following the first presidential debate between President Joe Biden and former president Donald Trump.
Birkenstock saw a 1.8% increase after receiving an upgrade to buy from neutral by UBS, citing higher average sale prices and growth in the Asian market as reasons for optimism.
Chinese electric vehicle stock Nio rose 6.7% after reporting a nearly 100% increase in vehicle deliveries in June compared to the previous year. Meanwhile, Tesla’s stock jumped 6% ahead of its second-quarter delivery numbers report.
On the flip side, Floor & Decor Holdings dropped around 4% after Spruce Point Capital Management published a short report expressing concerns about management and financial reporting accuracy. NextEra Energy Partners also dropped about 8.8% after a downgrade by the Royal Bank of Canada.
Finally, cruise stocks took a hit as Hurricane Beryl made landfall in Grenada as a Category 4 storm. Norwegian Cruise Line and Carnival each slid about 6%, while Royal Caribbean dropped nearly 2%.
Stay tuned to Extreme Investor Network for more updates on the latest trends and developments in the world of finance. Don’t miss out on exclusive insights and expert analysis to help you make informed investment decisions. Subscribe now to stay ahead of the game!