June 18, 2024

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

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

Stocks traded mostly to the upside on Monday as Wall Street eyed this week's decision on interest rates from the Federal Reserve and the latest data on U.S. inflation.

Nvidia began trading on an adjusted split basis on Monday. A 10-for-1 stock split of Nvidia stock
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The leader in artificial intelligence chips, it went live on Friday after the close of trading. The stock closed Friday at $1,208.88. In Monday trading, shares rose 1.6% to $122.84. Nvidia is up 148% in 2024.

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.

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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

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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]