Here’s a look at the companies making headlines in midday trading: Southwest Airlines — Shares of Southwest Airlines rose 9% after activist hedge fund Elliott Management increased its $1.9 billion stake in the airline. The company seeks to replace Southwest CEO Bob Jordan and Chairman Gary Kelly. GameStop – Meme stock fell nearly 15% in volatile trading after a roller coaster week. GameStop’s steep losses deepened on Friday after investors responded to the company’s announcement that first-quarter sales fell sharply and that it was selling more shares. Meme stock guru Keith Gill hosted his first livestream in years on Friday to discuss GameStop, but he offered no new justification for his bullish thesis and massive stake. Huntington Bancshares — Shares of Huntington Bancshares fell more than 5% after the bank updated full-year guidance. Huntington now calls for a 1% to 4% decline in net interest income. Previously, it was required to reflect a range of 2% decline to 2% rise. Huntington said in a speech that “sequential growth is expected to begin from first-quarter 2024 levels and accelerate into the second half of 2024 and 2025.” Advanced Micro Devices – Morgan Stanley downgrades the stock from overweight to overweight The chipmaker’s shares fell 3% after being downgraded to equal weight, saying investors’ expectations appeared to have improved. KKR, CrowdStrike, GoDaddy — KKR, CrowdStrike and GoDaddy all rose after the companies announced they would join the S&P 500 Index. S&P Dow Jones Indices announced on Friday that the companies will join the index on June 24 as part of a quarterly adjustment, with Robert Half, Comerica and Illumina all exiting the index. Shares of Robert Half rose nearly 1%, while shares of Comerica and Illumina fell 1.5% and 4.5%, respectively. Apple Inc. – Shares of Apple Inc. fell 0.4% ahead of the iPhone maker’s Worldwide Developers Conference on Monday. The company is widely expected to launch new artificial intelligence-related features. ReNew Energy Global — Shares of ReNew Energy Global rose more than 7% after Morgan Stanley raised its price target and said the British company’s prospects remained strong. ReNew is well-positioned in India’s energy transition, the company said. Planet Fitness — The fitness chain gained 4% after Jefferies upgraded the company to a hold rating. The bank said the stock could rebound after recent weakness as a new chief executive takes over. Jefferies said higher prices and changes to its franchise model also helped the stock rise. DraftKings — The sports entertainment stock rose 2% after Morgan Stanley renamed the company a top pick. The company said Illinois’ recent legalization of a progressive tax on sports betting companies led to undue concerns about the stock, which had a rough quarter. —CNBC’s Yun Li, Alex Harring, Michelle Fox, Sarah Min, Pia Singh and Sean Conlon contributed reporting.
