Here’s a look at the companies making headlines in midday trading: Meme Stocks — Meme stocks are surging for a second straight day, with GameStop soaring more than 65% and AMC soaring more than 70%. The latest trading frenzy for the names was sparked by the return of “Roaring Kitty,” which was released online for the first time in nearly three years. Shares of AMC Theaters rose on Tuesday despite the company saying it completed a $250 million stock sale in Monday’s frenzied trading. Other meme names also traded significantly higher. Shares in once-dominant smartphone maker BlackBerry are up 15%, while headphone maker Koss is up more than 40%. Alibaba – The Chinese technology company’s fourth-quarter net profit fell 86% year-on-year, and its stock price fell 7%. Alibaba’s revenue beat expectations. Sony – U.S.-listed shares rose 5.3% as quarterly revenue reached 3.5 trillion yen, exceeding the 2.89 trillion yen consensus estimate of analysts polled by LSEG. On the other hand, operating profit fell short of analysts’ expectations. Hold on — Shares of the shoe maker rose 16% after first-quarter profit far exceeded analysts’ expectations. The gains put shares on track for their best daily performance since March 2023. Specifically, United said it will have its busiest Memorial Day period ever, with passenger numbers expected to be 10% higher than a year ago. Newell Brands — The consumer staples stock rose 4.7% after Barclays upgraded the stock to equal weight from underweight. The company said the business appeared to be closer to normalizing after a demand boost due to the pandemic. Roblox — The video game developer’s shares rose 3.9%, easing some pressure during a difficult month. The company’s shares fell more than 9% in May, during which time the company withdrew its forward guidance. Roth Capital downgraded the stock to neutral from buy on Tuesday. Boston Beer Company — Shares of the brewer rose 1% after Jefferies upgraded its rating on the brewer to buy from hold. The company pointed to positive trends in flavored malt beverages and ready-to-drink cocktail sales, as well as Twisted Tea’s dominance in the emerging hard tea segment. Planet Fitness — Shares of the fitness chain rose nearly 2% after JPMorgan upgraded the stock to overweight from neutral, citing increased confidence in the fitness company’s long-term growth prospects. Stellantis — Shares of Stellantis rose 2% on news that the automaker will aggressively expand electric vehicle sales outside the United States through a deal with Leapmotor in September. In the joint venture, Zero Sports Cars will utilize Stellantis’ distribution network, which is mainly concentrated in Europe. —CNBC’s Yun Li, Michelle Fox, Samantha Subin, Hakyung Kim and Brian Evans contributed reporting.
