In midday trading, GameStop saw a 25% jump amid speculation that the man who inspired the 2021 short squeeze, Keith Gill, could have a significant position in the company. AMC, another meme stock, also rose 10%. Waste Management announced it is acquiring Stericycle for $7.2 billion, causing Stericycle shares to surge while Waste Management slid. Spotify climbed 4% after announcing premium subscription price increases in the U.S. GSK fell over 9% after a court ruling allowed scientific evidence to be presented in cases alleging Zantac may contain a carcinogen. Paramount Global advanced over 7% amidst rumors of a merger with Skydance.
Lattice Semiconductor saw a share price drop of 11% after CEO Jim Anderson left for Coherent, causing Coherent’s stock price to jump 17%. Becton, Dickinson and Company’s stock rose 2.6% following the announcement of a $4.2 billion cash deal to acquire Edwards Lifesciences’ critical care products. MarineMax surged 24% after reports of purchase talks with OneWater Marine. Indian and Mexican stocks moved based on election outcomes in their respective countries. Cava’s shares dropped 5% after a downgrade by JPMorgan due to high valuation. Nvidia and AMD both released new AI chips, with Nvidia’s stock price increasing by 3%.
Structure Therapeutics saw a 60% surge in share price after positive results from a midstage clinical trial for its anti-obesity drug. Autodesk rallied 5% after concluding an investigation into accounting practices and confirming no need for financial restatements. Krispy Kreme rose 2% following an upgrade by JPMorgan, which cited increased accessibility as a positive factor. Masimo’s stock popped 2% after an upgrade by Piper Sandler to overweight. MongoDB traded higher by 1% after an upgrade to neutral from sell by Guggenheim in response to weak guidance offered by the company in the previous week. First Solar saw a 1% increase following Goldman Sachs’ reiteration of a buy rating.
Overall, various companies in different sectors experienced significant movements in their stock prices during midday trading. GameStop and AMC continued to be actively traded as meme stocks, while Waste Management announced a major acquisition. Pharmaceutical giant GSK faced challenges following a legal ruling, while Paramount Global saw gains on merger rumors. Changes in leadership at Lattice Semiconductor and positive developments in acquisitions and clinical trials for other companies contributed to the day’s market activity.
