Check out the companies making headlines in midday trading: GameStop , AMC Entertainment — The so-called meme stocks retreated significantly after a two-day rally . GameStop declined about 30%, while AMC dropped 20% as the trading frenzy seemed to fade. The sell-off in AMC shares also came after the company announced a debt-for-equity swap. Before Wednesday, GameStop and AMC were up 179% and 135% this week, respectively. Boeing — Shares slipped 1.7% after the Justice Department said the airplane manufacturer broke a 2021 settlement that protected it from criminal charges related to two fatal 737 Max crashes. Boeing, which is now exposed to potential prosecution, denies the claims. Dell Technologies — The technology company rallied more than 8% after Morgan Stanley raised its price target on the stock. The firm cited increasing momentum among enterprise clients, including for artificial intelligence server demand. Nio — The Chinese automaker dropped 8% despite receiving an upgrade from JPMorgan to neutral from underweight earlier. According to the firm, shares could benefit from Chinese government stimulus policy and Nio’s latest battery as a service, or BaaS, strategy, which could drive sales, said the bank. Nio on Wednesday also launched its new lower-priced brand Onvo , which aims to compete with Tesla. Monday.com — The project management software company soared nearly 19% after posting better-than-expected first-quarter results. Management also raised its full-year guidance, citing strong demand and better customer profiles following a price increase. New York Community Bancorp — Shares fell 4%. The regional bank agreed to sell around $5 billion in mortgage warehouse loans to JPMorgan Chase to bolster its liquidity. The sale is projected to close in the third quarter. Petco Health & Wellness — Shares surged more than 16%. The pet products retailer appointed Glenn Murphy as executive chairman of the board, effective immediately. He also purchased about $2.5 million worth of shares as part of his appointment. TKO Group Holdings — The sports entertainment stock rose nearly 3% after an upgrade to buy from hold at TD Cowen. The investment firm said TKO’s stock looks like a relatively cheap way to invest in sports. — CNBC’s Yun Li, Pia Singh, Michelle Fox, Alex Harring and Jesse Pound contributed reporting.
Source: www.cnbc.com