A look at companies garnering attention in midday trading: Southwest Airlines — Shares rose 7% after activist hedge fund Elliott Management acquired a $1.9 billion stake in Southwest Airlines. The airline is searching for a replacement for Southwest CEO Bob Jordan and Chairman Gary Kelly. GameStop — After a rollercoaster week, the meme stock fell nearly 12% in volatile trading. GameStop’s sharp decline on Friday was fueled by investors reacting to a big drop in first-quarter sales and the company’s earlier announcement that it would sell more stock. Meme stock leader Keith Gill hosted his first livestream in years Friday to discuss GameStop, but offered no new justification for his bullish theory and large stock holding. Huntington Bancshares — Shares fell more than 6% after the bank updated its full-year guidance. Huntington now expects net interest income to fall 1% to 4%.”We expect sequential increases from first-quarter 2024 levels, accelerating into the second half of 2024 and 2025,” Huntington said in the presentation. Advanced Micro Devices — Shares of the chipmaker fell 4.5% after Morgan Stanley downgraded the stock to equal weight from overweight, citing rising investor expectations. KKR, Crowdstrike, Go Daddy — Shares of KKR, Crowdstrike and Go Daddy all rose following the announcement that the three would join the S&P 500. The companies’ shares rose 11%, 7% and 2%, respectively. S&P Dow Jones Indices announced Friday that the three companies will join the index on June 24 and that three companies, Robert Half, Comerica and Illumina, will be removed from the index as part of its quarterly rebalancing. Robert Half shares rose about 1.5%, while Comerica and Illumina fell 3.4% and 1.9%, respectively. Apple — Shares fell about 2% after the iPhone maker’s Worldwide Developers Conference on Monday. The company unveiled a new iOS operating system and artificial intelligence-related features. ReNew Energy Global — Shares surged 4.8% as Morgan Stanley said the UK-based company’s outlook remains strong. The firm said ReNew is strongly positioned to take on India’s energy transition. Planet Fitness — The gym chain rose 4.6% after Jefferies upgraded it to buy from hold. The bank said that with a new chief executive at the helm, the stock could rise after recent weakness. Price hikes and adjustments to the franchise model could also boost shares, according to Jefferies. DraftKings — The sports entertainment stock rose 3.1% after Morgan Stanley renamed the company its top pick. The firm said Illinois’ recent legalization of a progressive tax on sports betting companies led to undue concern for the company’s shares, which had a tough quarter. —CNBC’s Yun Lee, Alex Harring, Michelle Fox, Sara Ming, Pia Xin and Sean Conlon contributed reporting.
Biggest movers midday: LUV, GME, AMD
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