Luis Alvarez
Following the Dow’s best week so far in 2024, stock futures were muted in the early trading hours of Monday ahead of a series of inflation data due later this week.
Here are some of Monday’s biggest stock movers:
Biggest stock gainers
- Shares of Chinese EV maker Zeekr (NYSE:ZK) continued their upward trend early Monday morning, extending gains by 4%. This follows a remarkable 35% increase on Friday, which marked its debut on the NYSE. The stock opened at $26, a notable 24% above its IPO price of $21.
- Tencent Music Entertainment (NYSE:TME) shares rose over 4% following its Q1 earnings report, which surpassed expectations. Revenue from music subscriptions soared 39.2% Y/Y, while the number of paying users jumped by 20.2%. Additionally, TME witnessed its largest quarter-over-quarter net increase in paying users, adding 6.8M. This growth was supported by improved operational efficiency and effective cost management, leading to a 41.9% Y/Y increase in operating income.
- GameStop’s (NYSE:GME) shares surged up to 18%, looking to continue its strong 57% increase in May, the best month for the stock since March 2021. GameStop, a popular choice among individual investors, has seen its stock rise for three weeks in a row. This rise is similar to what happened with meme stocks in 2021, when individual investors pushed up the prices of meme stocks like GameStop and AMC Entertainment. Additionally, Keith Gill, known for his bullish analysis of GameStop on Reddit during the pandemic, made his first social media post on the X service in three years, in a post that seemed to suggest he was keeping an eye on things.
- Novavax (NASDAQ:NVAX) shares continued their climb, rising 8% on Monday after a staggering 98% increase on Friday, culminating in a new 52-week high. This surge came after Novavax removed its going-concern notice with its mixed Q1 report, attributing the change to a licensing deal with Sanofi (NASDAQ:SNY) for its COVID-19 vaccine, valued at up to $1.2B. J.P. Morgan analysts praised the deal as transformative, prompting an upgrade of Novavax to Neutral and Underweight. With Sanofi expected to join Novavax’s commercialization efforts in 2025, the issues encountered with the rollout of its COVID-19 shot, Nuvaxovid, in the 2023–24 season are unlikely to recur. Bank of America also upgraded the stock to Neutral from Underperform, raising its price target to $12 from $4, viewing the Sanofi deal as the best outcome given the contracting COVID-19 market. Seeking Alpha analyst Stephen Ayers upgraded his Novavax rating to hold from strong sell, suggesting that Novavax’s technology could find success in the market after leaders like Pfizer have already established themselves.
