Nvidia, AMD, Southwest, GameStop, Apple, KKR, CrowdStrike, Diamond Offshore, and more market drivers

Advanced Micro Devices fell 3.6% to $161.80 after the chipmaker's shares were downgraded to equal weight from overweight at Morgan Stanley and the price target was maintained at $176.

Southwest Airlines shares rose 8.1% after activist Elliott Investment Management built a significant stake in the carrier. Elliott said Monday that she has built a stake worth about $1.9 billion in Southwest, making it one of the airline's largest shareholders.

GameStop stock fell 15%. Shares of the video game retailer closed down 39% on Friday on their worst day since February 4, 2021, even after Keith Gill, the meme trader known as Roaring Kitty, used a live stream on Friday to reiterate his bullish stance on the stock.

Apple shares fell 0.6% before the start of the company's Worldwide Developers Conference on Monday. The event, which runs through Friday, will kick off with a keynote by CEO Tim Cook in Cupertino, California. The iPhone maker is expected to outline its strategy around artificial intelligence software.

Elon Musk, CEO of Tesla
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He said over the weekend that “nearly 90%” of individual shareholders voted in favor of his compensation package at the electric car company. Shareholders will vote on Thursday on Musk's $56 billion pay deal. The package giving Musk about 300 million incentive-laden stock options was approved in 2018 with more than 70% support. However, a Delaware judge struck it down in January, citing inadequate disclosures to Tesla investors. The company's board of directors put the same package to a vote again with new disclosures. Shareholders are unlikely to approve the pay package, Bernstein analyst Tony Sacconaghi wrote on Monday. Tesla shares fell 1.2%.

Diamond Offshore Drilling shares rose 10% to $15.38 after agreeing to acquire it for about $1.6 billion in a deal Cash and stock deal By Noble Corp Diamond Offshore

The shares were valued at $15.52 per share in the agreement when using Friday's closing price.

KKR rose 11%, CrowdStrike rose 9.3%, and GoDaddy gained 2.1% after announcing on Friday that the three companies had joined the group. Standard & Poor's 500 Later this month. They will replace Robert Half
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Comerica and Illumina
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Huntington Bancshares fell 5.6% after the bank said it expected to Net interest income for the full year To fall by 1% to 4% this year, down from previous guidance of 2% to 2%.

Write to Joe Woelfel at [email protected]