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Midday movers: Intel, Arm, Apple, GameStop rise; Alphabet falls

Published 05/13/2024, 07:37 AM
Updated 05/13/2024, 11:36 AM
© Reuters

(Updated - May 13, 2024 11:32 AM EDT) -- Main U.S. indexes edged higher Monday, with investors looking forward to more corporate earrings as well as key consumer inflation data.

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

  • Intel (NASDAQ:INTC) stock rose 3.6% after the WSJ reported that the tech giant was in advanced talks with Apollo Global Management (NYSE:APO) for the manufacture of a $11 billion chip plant in Ireland.

  • Arm Holdings (NASDAQ:ARM) ADRs rose 6% after a report in Nikkei Asia stated that the chip designer has plans to develop artificial-intelligence chips, looking to take advantage of the massive demand for all things AI.

  • Tesla (NASDAQ:TSLA) stock rose 2.4% after the WSJ reported that the Biden administration is set to announce that tariffs on Chinese EVs will be roughly quadrupled.

  • Apple (NASDAQ:AAPL) stock rose 1.5% after Bloomberg reported that the tech giant was nearing an agreement with OpenAI to integrate the startup's AI technology into the iPhone. Google's parent Alphabet (NASDAQ:GOOGL), OpenAI's main rival, traded lower by 1.6% following the headline.

  • AMC Entertainment (NYSE:AMC) and GameStop (NYSE:GME) stocks have rallied strongly, up 31% and 64%, respectively, with these so-called meme stocks back in favor. Rivian (NASDAQ:RIVN) Automotive (RIVN) and Reddit (RDDT) were also higher, climbing over 10%.

  • Bristol Myers (NYSE:BMY) stock was flat after the drug maker said late Friday that its trial evaluating a combination of cancer treatments failed to meet its primary endpoint.

  • Squarespace (SQSP) stock rose 13% after the website building company agreed to be acquired by private equity firm Permira in a cash deal valued at $6.9 billion.

  • Novavax (NASDAQ:NVAX) rose 45%, adding to recent gains. Shares surged last week after it announced a pact with Sanofi (NASDAQ:SNY) to develop its Covid vaccine starting next year.

Additional reporting by Louis Juricic

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