Midday movers: GameStop, AMC Entertainment rise; Alibaba falls

(Updated - May 14, 2024 11:39 AM EDT)

Investing.com -- Main U.S. indexes edged higher Tuesday despite data that showed hotter than expected producer prices in April after Federal Reserve Chairman Jerome Powell gave an optimistic overview of the US economy during a panel discussion.

Here are some of the biggest U.S. stock movers today:

  • GameStop (NYSE:GME) and AMC Entertainment (NYSE:AMC) stock both more than doubled as a rally in so-called meme stocks continued after a key figure in their 2021 rally re emerged from an extended break on social media. The stocks pared gains midday but were still up 67% and 83%, respectively.

  • Kraft Heinz (NASDAQ:KHC) stock fell 0.3% after the Wall Street Journal reported that the packaged foods giant is exploring a sale of its Oscar Mayer meats business that could fetch anything between $3 billion to $5 billion.

  • Apple (NASDAQ:AAPL) stock rose 0.3% after Bloomberg reported the tech giant is gearing up to sell its Vision Pro mixed-reality headset outside the United States, in a bid to invigorate demand for its most expensive bet in years.

  • Home Depot (NYSE:HD) (HD) stock fell 0.8% after the home-improvement retailer beat profit estimates for the first quarter but sales fell slightly short as the spring selling season got off to a delayed start.

  • Paysafe (PSFE) stock rose 22% after the online payments company reported an increase in revenue in the first quarter and reaffirmed its full-year outlook.

  • Alibaba (NYSE:BABA) (BABA) ADRs fell 7% after the Chinese e-commerce company reported March quarter earnings below expectations, posting a 86% profit drop, though revenue was above expectations.

  • On Holding (ONON) stock rose 16% after the sportswear company reported a surge in net profit for the first-quarter, helped by increased revenue supported by direct-to-consumer sales.

  • Plug Power (NASDAQ:PLUG) rose 30% after it received a conditional commitment for an up to $1.66 billion loan guarantee from the Department of Energy’s Loan Programs Office to finance the development, construction, and ownership of up to six green hydrogen production facilities.

  • SunPower (NASDAQ:SPWR) rose 84% as heavily shorted stocks were targeted during the meme-stock frenzy. Rocket Companies (RKT), Hertz Global (HTZ), Lucid Group (NASDAQ:LCID), Rivian (NASDAQ:RIVN) Automotive (RIVN) and Roku (NASDAQ:ROKU) also gained.


Additional reporting by Louis Juricic

Begin trading today! Create an account by completing our form

Privacy Notice

At One Financial Markets we are committed to safeguarding your privacy.

Please see our Privacy Policy for details about what information is collected from you and why it is collected. We do not sell your information or use it other than as described in the Policy.

Please note that it is in our legitimate business interest to send you certain marketing emails from time to time. However, if you would prefer not to receive these you can opt-out by ticking the box below.

Alternatively, you can use the unsubscribe link at the bottom of the Demo account confirmation email or any subsequent emails we send.

By completing the form and downloading the platform you agree with the use of your personal information as detailed in the Policy.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.8% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Back to top

Office network

One Financial Markets is the trading name of Axi Financial Services (UK) Ltd, a company registered in England with company number 6050593. Axi Financial Services (UK) Ltd is authorised and regulated by the Financial Conduct Authority in the UK (under firm reference number 466201) and the Financial Sector Conduct Authority in South Africa (with FSP number 45784).

The information on this site is not directed at residents of the United States, Belgium, Poland or any particular country outside the UK and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

www.onefinancialmarkets.com is owned and operated by Axi Financial Services (UK) Ltd.

Award winning broker
We have been presented with a number of awards that recognise the quality of our service and dedication to our clients :

Best FSA Regulated Broker
Saudi Money Expo

Best Education Product
Saudi Money Expo

Best Broker - Online Trading
IAIR Awards

Best Institutional Broker
Saudi Money Expo

Best FX Services Broker
CN Forex

Top International
FX Broker 2015

Saudi Money Expo

Broker of the Year
Online Trading – Middle East

IAIR Awards

Best Forex
Customer Service 2018

JFEX Awards

We accept the following payment methods: