Check out the companies making headlines in midday trading: Meme stocks — Meme stocks roared for a second day with GameStop surging more than 65% and AMC popping over 70%. The latest trading frenzy in these names was triggered by the return of “Roaring Kitty,” who posted online for the first time in almost three years. AMC’s Tuesday rally came even after the movie theater said it completed a $250 million stock sale during Monday’s wild trading. Other meme names also traded sharply higher. Shares of one-time dominant smartphone maker BlackBerry popped 15%, while headphones manufacturer Koss shot up more than 40%. Alibaba — The Chinese technology company shed 7% after posting an 86% drop in net income from a year ago for its fiscal fourth quarter. Alibaba topped revenue expectations. Sony — U.S.-listed shares jumped 5.3% after quarterly revenue came in at 3.5 trillion yen, topping the consensus expectation of 2.89 trillion yen from analysts polled by LSEG. On the other hand, operating profits came in lower than analysts had penciled in. Vodafone — U.S. shares popped 5% after the U.K.-based telecommunications company posted full-year profit that beat expectations. On Holding — The shoe maker jumped 16% after first-quarter earnings came in well ahead of analysts’ expectations. The gain put shares on track for their best day since March 2023. United Airlines — The airline added 1% after sharing strong expectations for summer travel. Specifically, United said it should have its busiest Memorial Day period on record, with the number of travelers slated to increase 10% compared to a year ago. Newell Brands — The consumer goods stock rallied 4.7% on the heels of an upgrade to equal weight from underweight by Barclays. The firm said the business appears closer to normalizing following the pandemic pull-forward in demand. Roblox — The video game developer jumped 3.9%, providing some relief amid a tough month. Shares have fallen more than 9% in May, during which the company pulled back its forward guidance. Roth Capital downgraded the stock to neutral from buy on Tuesday. Boston Beer Company — Shares added 1% after the beer brewer was upgraded by Jefferies to buy from hold. The firm pointed to positive trends in flavored malt beverages and ready-to-drink cocktails sales, as well as Twisted Tea’s dominance in the rising hard teas sector. Planet Fitness — The gym chain gained nearly 2% after JPMorgan upgraded the stock to overweight from neutral, citing increased confidence on the fitness company’s long-term growth outlook. Stellantis — Shares climbed 2% following news that the automaker would aggressively expand electric vehicle sales outside of the U.S. through a deal with Leapmotor beginning in September. The joint venture will see Leapmotor utilize Stellantis’ distribution networks largely focused in Europe. — CNBC’s Yun Li, Michelle Fox, Samantha Subin, Hakyung Kim and Brian Evans contributed reporting.
Source: www.cnbc.com