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Midday movers: Autodesk, GameStop rise, Dell falls

Published 2024-06-03, 11:36 a/m
© Reuters.
(Updated - June 3, 2024 11:31 AM EDT)

Investing.com -- Main U,S. indexes were mixed Monday in subdued trading as the NYSE investigated a technical issue with industry-wide price bands. Before being resolved, the error triggered halts in a number of stocks listed on the NYSE, including Berkshire Hathaway (NYSE:BRKa) (BRK-A) and Barrick Gold (NYSE:GOLD).

Here are some of the biggest U.S. stock movers today:

Shares in Nvidia (NASDAQ:NVDA) rose and Advanced Micro Devices (NASDAQ:AMD) fell after the semiconductor groups both made announcements around their development of new artificial intelligence-optimized chips.

GameStop (NYSE:GME) shares skyrocketed by over 30% after Keith Gill, known as DeepF— Value on Reddit, posted a screenshot suggesting a $116 million investment in the company. According to Bloomberg News, the screenshot couldn’t be verified.

David Ellison's Skydance Media revised an offer for Paramount Global (NASDAQ:PARA) to purchase up to a certain number of non-voting shares in the entertainment giant at roughly $15 each, according to the Wall Street Journal. B-shares in Paramount Global were higher following the report.

Best Buy (NYSE:BBY) (BBY) rose 2% after analysts at Citi raised their rating of the electronics retailer to "Buy" from "Sell," citing hopes for a positive catalyst for the stock.

Dell Technologies (NYSE:DELL) shares fell 6.6%, extending last week's post-earnings decline, after analysts at Citic Securities slashed their rating of the firm to "Hold" from "Buy." The stock is down over 25% in three days.

Autodesk (NASDAQ:ADSK) rose 8% after reporting management has determined that there will be no restatement or adjustment of any audited or unaudited, filed or previously announced, GAAP or non-GAAP financial statements.

Spotify (NYSE:SPOT) rose 5% after the music-streaming service raised the price of its premium offering in the U.S.

WM (WM) fell 4% after it and Stericycle (NASDAQ:SRCL), up 15%, announced they have entered into a definitive agreement under which WM will acquire all outstanding shares of Stericycle for $62.00 per share in cash, representing a total enterprise value of approximately $7.2 billion, including debt.

Additional reporting by Louis Juricic

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