Stock Market

GameStop, Nvidia, Apple, DraftKings, Cava, and More Stock Market Movers


Stock futures were rising Tuesday as Wall Street returned from a long weekend and traders looked ahead to inflation data at the end of the week.

GameStop

jumped 21% after the videogame retailer on Friday said it completed an equity offering of 45 million shares for proceeds of about $933.4 million.

GameStop

said proceeds would be used for general corporate purposes, “which may include acquisitions and
investments.” The at-the-market offering was disclosed in a filing May 17.

Nvidia

was up 2.5%. Shares of the chip maker were getting a boost from an announcement by Elon Musk that his xAI start-up raised $6 billion in its latest round of fundraising. It’s expected that much of the newly raised cash should be spent on

Nvidia
’s

hardware.

Apple

was rising 2.3% after Bloomberg, citing figures from the China Academy of Information and Communications Technology, reported that iPhone shipments in China rose 52% from a year earlier.

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DraftKings

was falling 6.7% after reports said Illinois senators approved a 2025 budget that includes raising the state’s sports betting tax. The legislation would make Illinois the second-most expensive state for wagering operators to do business in, according to iGamingBusiness.com. Flutter Entertainment, the parent company of FanDuel, declined 4.1%.

Earnings reports are expected Tuesday from

Cava Group
,

Heico
,

and

Box
.

Cava, the Mediterranean restaurant chain, was rising 4.8% in premarket trading ahead of quarterly earnings expected after the closing bell Tuesday.

Reports are expected later in the week from

Salesforce
,

Dell Technologies
,

Costco Wholesale
,

HP Inc.
,

Marvell Technology
,

Pure Storage
,

Agilent Technologies
,

Nutanix
,

Okta
,

Dick’s Sporting Goods
,

UiPath
,

Abercrombie & Fitch
,

Chewy
,

C3.ai
,

Advance Auto Parts
,

MongoDB
,

Zscaler
,

Ulta Beauty
,

Best Buy
,

Gap
,

Nordstrom
,

Foot Locker
,

and

NetApp
.

Shares of

DuPont

were up 1.4% to $82.28 in premarket trading after analysts at Citi raised their recommendation on the stock to Buy from Neutral and increased their price target to $95 from $85 following plans by the chemicals company to break into three parts. Last week,

Wells Fargo

upgraded DuPont stock to Buy from Hold, with analyst Michael Sison saying

DuPont
’s

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separation plan was a “bold move to drive [valuation] multiple expansion.”

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



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