Top Movers

FuelCell Soars 16%, GameStop Plunges Again

Intraday

By Alex P. Chase

6/10, 14:12 EDT
Constellation Energy Corporation
FuelCell Energy, Inc.
GameStop Corporation
Southwest Airlines Company
NICE Ltd
Planet Fitness, Inc.
Walmart Inc.
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Key Takeaway

  • Constellation Energy (CEG) surged 7.7% and FuelCell (FCEL) jumped 16%, leading gains in the energy and utilities sectors, driven by strong earnings reports.
  • GameStop (GME) fell 15%, continuing its decline after a significant market value loss, while Southwest Airlines (LUV) rose 7.5% on news of Elliott Investment Management's $2 billion stake.

Intraday Top Moves

At 2:07 p.m. in New York, the major indices are showing modest gains despite a broader selloff in European assets. The U.S. market is seeing mixed reactions across various sectors, with notable movements in individual stocks driven by earnings reports, analyst upgrades, and strategic announcements.

  • S&P 500 Index: Up 0.3%, indicating a cautious optimism amid global market volatility.
  • Nasdaq 100: Gains 0.4%, reflecting strength in technology and growth stocks.
  • Dow Jones Industrial Average: Rises 0.1%, showing slight gains in industrials.
  • MSCI World Index: Gains 0.1%, mirroring a tepid global sentiment.

Tech Sector Highlights

The technology sector is experiencing mixed fortunes today. Notably, Nice Ltd. (NICE) saw a 4.1% increase after its board authorized a $500 million stock buyback plan. On the downside, Perion Network (PERI) plummeted 33% after cutting its second-quarter forecast, leading to a downgrade from Oppenheimer.

Retail and Consumer Goods

Walmart (WMT) shares rose 1.5% following an upgrade to overweight from neutral by JPMorgan, which also raised the price target to a joint Street-high. Planet Fitness (PLNT) gained 4.7% after Jefferies upgraded the stock to buy from hold, citing a clearer path toward growth despite current headwinds.

Energy and Utilities

Constellation Energy (CEG) shares jumped 7.7%, leading gains in the utilities and electrical equipment sector. FuelCell (FCEL) surged 16% after reporting second-quarter revenue that beat analyst estimates.

Notable Gains and Losses

GameStop (GME) continued its downward trajectory, falling 15% and extending losses for a second session after losing about $6.4 billion in market value on Friday. On the other hand, Southwest Airlines (LUV) shares rose 7.5% following a report by the Wall Street Journal that Elliott Investment Management has built an almost $2 billion stake in the airline.

Key Movers & Takeaway

Today's market movements highlight a mixed sentiment among investors, with significant gains in the energy and utilities sectors, while retail and consumer goods also showed strength. However, the technology sector faced challenges, particularly for companies with disappointing forecasts. The continued decline in GameStop underscores the volatility in meme stocks, while strategic investments and upgrades provided a boost to companies like Southwest Airlines and Walmart.

Key Movers Table by Market Cap

LargeCap Movers (>$20B)

Stock Ticker Price Change Key Takeaway
Constellation Energy CEG +7.7% Gains in utilities and electrical equipment stocks
Southwest Airlines LUV +7.5% Boosted by Elliott Investment Management's $2 billion stake
Walmart WMT +1.5% Upgraded to overweight by JPMorgan
Honeywell HON +0.8% Upgraded to neutral from sell by UBS
GameStop GME -15.0% Continued decline after significant market value loss

Mid-Cap Movers ($5B-$20B)

Stock Ticker Price Change Key Takeaway
Nice Ltd. NICE +4.1% Authorized $500 million stock buyback plan
Planet Fitness PLNT +4.7% Upgraded to buy from hold by Jefferies
Lions Gate LGF/A +3.5% Upgraded to peerperform from underperform by Wolfe Research
Huntington Bancshares HBAN -5.2% Lowered guidance for net interest income and loan growth
Perion Network PERI -33.0% Cut second-quarter forecast, leading to downgrade by Oppenheimer

SmallCap Movers ($50M-$5B)

Stock Ticker Price Change Key Takeaway
FuelCell FCEL +16.0% Beat second-quarter revenue estimates
PAR Technology PAR +6.8% Sold government systems unit and Rome research division
ProKidney PROK -9.1% Interim results from mid-stage trial disappointed
Celsius Holdings CELH -9.2% Extended drop for a third straight session
Skye Bioscience SKYE -15.0% Discontinued glaucoma program after mid-stage study failure

Top Overbought/Oversold by 14-Day RSI

Overbought Stocks

Stock Ticker RSI
FuelCell FCEL 95.0
Constellation Energy CEG 90.2
Southwest Airlines LUV 88.7
Nice Ltd. NICE 87.5
Planet Fitness PLNT 85.3

Oversold Stocks

Stock Ticker RSI
Perion Network PERI 10.5
GameStop GME 12.0
ProKidney PROK 15.8
Celsius Holdings CELH 17.2
Skye Bioscience SKYE 18.4

Today's market activity underscores the importance of strategic investments and analyst upgrades in driving stock performance. Investors should remain cautious of companies with disappointing forecasts and be mindful of the volatility in meme stocks.