Just look at the companies making headlines in midday trading: GameStop, AMC Entertainment — So-called meme stocks pulled back sharply after two straight days of gains. GameStop is down about 30%, while AMC is down 20% as the trading frenzy appears to have subsided. The sell-off in AMC stock also comes after the company announced a debt-for-equity swap. Before Wednesday, GameStop and AMC were up 179% and 135% this week, respectively. Boeing Co. shares fell 1.7% after the Justice Department said the planemaker violated a 2021 settlement that protected it from criminal charges related to two fatal 737 Max crashes. Boeing, which now faces possible prosecution, has denied the claims. Dell Technologies — Shares of the technology company rose more than 8% after Morgan Stanley raised its price target on the stock. The company pointed out that the growth momentum of enterprise customers continues to increase, including demand for artificial intelligence servers. NIO — The Chinese automaker fell 8% despite an earlier upgrade from JPMorgan to neutral from underweight. The company said the stock could benefit from the Chinese government’s stimulus policies and Nio’s latest battery-as-a-service (BaaS) strategy, which could boost sales. NIO also launched a new low-price brand Onvo on Wednesday, aiming to compete with Tesla. Monday.com — Shares of the project management software company soared nearly 19% after the company reported better-than-expected first-quarter results. Management also raised full-year guidance, citing strong demand and improving customer conditions following higher prices. New York Community Bancorp — Shares fell 4%. The regional bank agreed to sell about $5 billion in collateralized warehouse loans to JPMorgan Chase & Co. to bolster its liquidity. The sale is expected to close in the third quarter. Petco Health & Wellness — Shares soared more than 16%. The pet products retailer named Glenn Murphy executive chairman of its board of directors, effective immediately. As part of his appointment, he also purchased approximately $2.5 million worth of stock. TKO Group Holdings — The sports entertainment stock rose nearly 3% after TD Cowen upgraded its rating on the sports entertainment stock to “buy” from “hold.” The investment firm said TKO shares look like a relatively cheap way to invest in sports. —CNBC’s Yun Li, Pia Singh, Michelle Fox, Alex Harlin and Jesse Pond contributed reporting.
