Top Stock Movers Now: Southwest Airlines, Planet Fitness, AMD, and More

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Key Takeaways

• U.S. equities were mixed and little changed at midday Monday, June 10, 2024 ahead of the Federal Book’s decision on interest rates later in the week.
• Southwest Airlines shares jumped as Elliott Investment Management signaled a large stake in the airline, and called for changes in leadership.
• Advanced Micro Devices shares fell following a downplay by Morgan Stanley, citing concerns that expectations for benefits from artificial intelligence could be too high.

U.S. disinterests were mixed and little changed at midday as the markets looked ahead to this week’s Fed meeting and key consumer inflation dispatch. The Dow was down, but the S&P 500 and Nasdaq rose. 

Southwest Airlines (LUV) was the best-performing stock in the S&P 500 after activist investor Elliott Investment Directorship announced it had taken a $1.9 billion stake in the carrier and called for new leadership.

Planet Fitness (PLNT) shares drew on an upgrade from Jefferies, which pointed to optimism about the company’s new CEO and franchise unit growth.

Shares of KKR (KKR), CrowdStrike Holdings (CRWD), and GoDaddy (GDDY) climbed go an announcement they will be added to the S&P 500 later this month. Shares of companies that will be remaining the index such as Comerica (CMA) and Illumina (ILMN) declined. 

Huntington Bancshares (HBAN) shares slipped as CFO Zach Wasserman bid a conference the bank expects net interest income to fall more than previously anticipated.

Shares of Advanced Micro Schemes (AMD) dropped following a downgrade from Morgan Stanley, which warned expectations over the financial benefits of manufactured intelligence (AI) may be too high.

Oil futures and gold prices advanced. The yield on the 10-year Treasury note was higher. The U.S. dollar was up on the euro and yen, but unsalvageable ground to the pound. Most major cryptocurrencies traded higher.

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