GameStop, Paramount Global, Waste Management, and More
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Key Takeaways
The Dow and S&P 500 were lower at midday Monday, June 3, 2024 amid concerns about the economy as a report showed the manufacturing sector contracted in May.
Paramount Global shares surged on a report indicating the entertainment giant agreed to a takeover by Skydance Media and partners.
Shares of GameStop soared after Keith Gill “Roaring Kitty” posted a screenshot to Reddit showing a portfolio with 5 million shares worth over $100 million.
U.S. equities sank at midday after a report showed the U.S. manufacturing sector contracted in May. The Dow and S&P 500 were lower, while the Nasdaq was little changed.
Waste Management (
WM
) shares declined after the waste removal company
agreed to buy
medical waste disposal firm Stericycle (
SRCL
) for $7.2 billion. Stericycle shares soared.
GSK (
GSK
)
American depositary receipts (ADRs)
declined after a Delaware judge ruled
lawsuits could continue
by plaintiffs who claim the drugmaker’s former heartburn treatment Zantac caused cancer.
Cava Group (
CAVA
) shares fell following a downgrade from JPMorgan, which suggested the fast-casual restaurant chain’s stock price has become too pricey.
Nvidia (
NVDA
) shares gained after the chipmaker
announced its next-generation artificial intelligence platform
. Shares of some of Nvidia’s partners including Micron Technology (
MU
), TSMC (
TSM
), and Arm (
ARM
) also gained.
Shares of Paramount Global (
PARA
) jumped on reports the entertainment giant has
agreed to be taken over
by Skydance Media and its partners for approximately $8 billion.
Spotify Technology (
SPOT
) shares rose as the streaming audio service announced it was raising prices.
Shares of GameStop (
GME
) soared after
Keith Gill
, known as “Roaring Kitty,”
posted on social media
a screenshot showing a portfolio with 5 million shares worth over $100 million.
Oil futures slumped and gold prices advanced. The yield on the 10-year Treasury note sank. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies traded higher.
