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Midday movers: Reddit, Tesla and Robinhood rise; GameStop falls

Published 05/17/2024, 07:32 AM
Updated 05/17/2024, 12:40 PM
© Reuters
(Updated - May 17, 2024 12:36 PM EDT)

Investing.com -- Main U.S. indexes traded largely flat Friday, searching for direction after the major stock indices hit record highs and as the earnings season draws to an end.

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

  • Reddit (RDDT) stock rose 13% after the social media platform entered a partnership with artificial intelligence major OpenAI to add its content to the firm’s AI products.

  • Tesla (NASDAQ:TSLA) stock rose 2.5% after Reuters reported that the EV giant is moving forward with plans to use data from China to underpin the global development of its self-driving technology.

  • Take-Two (NASDAQ:TTWO) Interactive Software (TTWO) stock rose 0.5% despite it issuing disappointing annual earnings guidance, with the videogame publisher set to release its hotly awaited GTA VI title only in 2025.

  • DXC Technology (NYSE:DXC) stock sank over 16% after the information technology company offered disappointing annual guidance.

  • GameStop (NYSE:GME) stock fell 24%, continued to slip after plummeting 30% on Thursday as a rebound rally ran dry and it entered an agreement to sell common shares.

  • Boeing (NYSE:BA) stock was flat with the aircraft manufacturer’s shareholders set to vote on whether outgoing Chief Executive David Calhoun will retain his seat on the board of the embattled planemaker.

  • Xpeng (NYSE:XPEV) stock rose 0.5% after the Chinese EV manufacturer announced expansion plans, bringing a sports utility vehicle and minivan to Hong Kong.

  • HSBC (HSBC) ADRs fell 0.4% after Bloomberg reported that its top shareholder Ping An Insurance might be looking to cut its stake in the British bank.

  • Robinhood (NASDAQ:HOOD) rose 12% after BofA Securities upgraded the stock to 'buy' from 'underperform', citing rising engagement.

  • DuPont (NYSE:DD) rose 2.3% after Jefferies upgraded the stock to 'buy' from 'hold with a price target of $101, calling it a cyclical recovery trade.

Additional reporting by Louis Juricic

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