Here’s a look at the companies making headlines in midday trading: GameStop, AMC Entertainment – So-called meme stocks fell significantly after a two-day rally. GameStop shares fell nearly 19% and AMC shares fell 20% as the trading frenzy appeared to have died down. The sell-off in AMC shares also occurred after the company announced a debt-for-equity swap. Through Wednesday, shares of GameStop and AMC were up 179% and 135%, respectively, this week. Boeing — Shares fell 2.1% after the Justice Department said the plane maker violated a 2021 agreement that protected it from criminal charges related to two fatal 737 Max crashes. Boeing, which is now facing potential legal action, denies the allegations. Dell Technologies – Shares of the technology company rose more than 11.2% after Morgan Stanley raised its price target for the stock. The firm noted an increase in demand among corporate clients, including demand for artificial intelligence servers. Nio — Shares of the Chinese automaker fell 7.9% despite JPMorgan earlier raising its rating to neutral due to market weakness. The stock could benefit from Chinese government stimulus policies and Nio’s latest battery-as-a-service, or BaaS, strategy, which could boost sales, the bank said. On Wednesday, Nio also launched its new lower-cost brand Onvo, which aims to compete with Tesla. Monday.com – Shares of the project management software company rose nearly 21.4% after reporting better-than-expected first-quarter results. Management also raised its full-year guidance, citing strong demand and an improving customer profile following the price hike. New York Community Bancorp – shares fell 5.6%. The regional bank agreed to sell about $5 billion of mortgage warehouse loans to JPMorgan Chase to boost its liquidity. The sale is expected to close in the third quarter. Petco Health & Wellness – Shares rose 27.9%. The pet supplies retailer has appointed Glenn Murphy as executive chairman, effective immediately. As part of his appointment, he also purchased approximately $2.5 million worth of stock. TKO Group Holdings – Sports entertainment shares rose 2.8% after being upgraded to buy from TD Cowen. The investment firm said TKO stock looks like a relatively cheap way to invest in sports. — CNBC’s Yun Lee, Pia Singh, Michelle Fox, Alex Harring and Jesse Pound contributed reporting.
