Nvidia, AMD, Southwest, GameStop, Apple, KKR, CrowdStrike, Diamond Offshore, and More


Stocks traded mostly to the upside Monday as Wall Street looked ahead to this week’s decision on interest rates from the Federal Reserve and the latest data on U.S. inflation.

Nvidia

started trading on a split-adjusted basis Monday. The 10-for-1 stock split in shares of

Nvidia
,

the leader in artificial-intelligence chips, took effect Friday after the close of trading. The stock finished Friday at $1,208.88. In trading Monday, shares were up 1.6% to $122.84. Nvidia has risen 148% in 2024.

Advanced Micro Devices

fell 3.6% to $161.80 after shares of the chip maker were downgraded to Equal Weight from Overweight at

Morgan Stanley

and the price target was maintained at $176.

Southwest Airlines

rose 8.1% after activist Elliott Investment Management built a sizable stake of in the carrier. Elliott said Monday it has built a stake worth around $1.9 billion in Southwest, making it one of the airline’s largest shareholders.. 

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GameStop

was falling 15%. Shares of the video game retailer closed down 39% on Friday for their worst day since Feb. 4, 2021, even after Keith Gill, the meme trader known as Roaring Kitty, used a livestream on Friday to reiterate his bullish position on the stock.

Apple

fell 0.6% ahead of the start of the company’s Worldwide Developers Conference on Monday. The event, which runs through Friday, will kick off with a keynote speech from CEO Tim Cook in Cupertino, Calif. The iPhone maker is expected to outline its strategy around artificial-intelligence software.

Elon Musk, the chief executive of

Tesla
,

said over the weekend that “roughly 90%” of retail shareholders voted in favor of his compensation package at the electric-car company. Shareholders will vote Thursday on Musk’s $56 billion pay deal. The package awarding Musk about 300 million incentive-laden stock options was approved in 2018 with more than 70% support. A Delaware judge, however, voided it in January, citing inadequate disclosures made to

Tesla

investors. The company’s board put the same package up for another vote with new disclosures. Bernstein analyst Toni Sacconaghi wrote Monday that shareholders were unlikely to approve the pay package. Tesla was down 1.2%.

Diamond Offshore Drilling

was up 10% to $15.38 after agreeing to be acquired for about $1.6 billion in a cash-and-stock deal by

Noble Corp.

Diamond Offshore

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shares were valued at $15.52 a share in the agreement when using Friday’s closing price.

KKR

rose 11%,

CrowdStrike

was up 9.3%, and

GoDaddy

gained 2.1% after it was announced Friday that the three companies will join the S&P 500 later this month. They will replace

Robert Half
,

Comerica

and

Illumina
.

Huntington Bancshares

fell 5.6% after the bank said it expects full-year net interest income to fall by 1% to 4% this year, down for previous guidance ranging from down 2% to up 2%.

Write to Joe Woelfel at joseph.woelfel@barrons.com



Read More: Nvidia, AMD, Southwest, GameStop, Apple, KKR, CrowdStrike, Diamond Offshore, and More

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