Midday movers: Broadcom, Tesla rise; MicroStrategy falls

(Updated - June 13, 2024 11:40 AM EDT)

Investing.com -- U.S. stock futures traded in a mixed fashion Thursday, as investors digested a hawkish message from the latest Federal Reserve as well as cooler than expected inflation data.

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

• Broadcom (NASDAQ: AVGO) stock soared 14% after the semiconductor group upgraded its annual revenue guidance for its artificial intelligence-optimized chips, benefiting from the boom in enthusiasm around AI.

• Tesla (NASDAQ: TSLA) stock rose 4% after CEO Elon Musk said in a social media post that shareholders are backing his $56 billion pay package and a move by the electric vehicle giant to reincorporate in Texas from Delaware.

• Dave & Buster’s Entertainment (NASDAQ: PLAY) stock slumped 10% after the restaurant and entertainment operator reported another quarter of lagging sales.

• GameStop (NYSE: GME) stock rose 3.5% ahead of the video game retailer’s annual shareholder meeting later in the session, continuing the meme stock’s roller-coaster stock-market ride.

• Virgin Galactic (NYSE: SPCE) stock fell over 14% ahead of the space travel company’s 1-for-20 reverse stock split, due to go into effect on Friday.

• MicroStrategy (NASDAQ: MSTR) stock fell 6% after the business-analytics company announced plans to offer $500 million in convertible debt.

• 3M (NYSE: MMM) stock rose 0.5% after the industrial conglomerate announced it would transfer about $2.5 billion of its U.S. pension payment obligations and related plan assets for nearly 23,000 U.S. retirees and beneficiaries to Metropolitan Tower Life Insurance.

• Chipotle Mexican Grill (NYSE: CMG) rose 3% after Goldman Sachs initiated coverage on the stock with a 'buy' rating, calling it a top idea.

• GE Aerospace (NYSE: GE) declined 4% after JPMorgan reduced their Q2 sales estimates.

• Stellantis (NYSE: STLA) fell 2.7% despite reaffirming outlook for the year. The automaker sees double-digit adjusted operating income margin and positive industrial free cash flows. It also sees delivering at least EUR7.7 billion in dividends and buybacks in 2024.

Additional reporting by Louis Juricic

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