In midday trading, several companies made headlines as their stocks saw significant movements. Walgreens Boots Alliance’s stock rose 5.4% after news that the company is exploring potential buyers for its $8.8 billion Boots drugstore chain in the U.K. Xponential Fitness shares experienced volatility, initially dropping 9% but later surging nearly 11.3% after the company’s top executive was suspended without a return date. GameStop’s shares soared more than 74.4% following a post by “Roaring Kitty” on Reddit, causing multiple trading halts due to volatility.
Shares of Reddit and Robinhood, two companies involved in the meme stock mania of 2021, also rose on Monday as GameStop surged. Reddit saw an 8.7% increase in its stock price, reaching its highest level since March, while Robinhood gained about 4.1%. Meanwhile, Squarespace announced a $6.9 billion deal to go private, leading to a 13.3% jump in its stock price. The website platform company will be sold to private equity firm Permira for $44 per share, a 15% premium to Friday’s close.
Arm Holdings, a chipmaker, saw a 7.7% increase in its stock price following a report that the company is planning to launch its first artificial intelligence chips next year. Biopharmaceutical company Incyte’s shares climbed 8.6% after approving a $2 billion share repurchase program. Nexstar Media Group, a television and digital media company, gained 1.1% following an upgrade by Morgan Stanley to overweight from equal weight, citing strong retransmissions for 2024 and improved ad sales.
Intel’s stock rose 2.2% after reports emerged of the company being in talks with Apollo Global Management for an $11 billion deal to build a factory in Ireland. SolarEdge Technologies surged 5.5% despite being downgraded to neutral at Susquehanna, with concerns about the company’s gross margin moving forward. HSBC initiated coverage on American Airlines, United Airlines, and Delta Air Lines with buy ratings, causing American Airlines to gain 3.7%, United Airlines 3.2%, and Delta Air Lines 1%, with Delta being named the preferred stock in the sector by HSBC.
Overall, these companies made significant moves in midday trading, with various factors contributing to their stock price movements. From potential buyouts and executive suspensions to new product launches and strategic deals, there was a mix of news driving the stock prices of these companies. Investors kept a close eye on these developments as they navigated the volatile market conditions.
