Jonathan Kitchen
Stock futures were mixed in the premarket action on Monday on the first trading day of June.
Here are some of Monday’s biggest stock movers:
Biggest stock gainers
- Meme stock GameStop (NYSE:GME) shot up more than 75% following the disclosure of what looks to be a significant stake in the company by renowned trader Keith Gill, popularly known online as Roaring Kitty, valued at around $115.7M. Other meme stocks on the move include AMC Entertainment Holdings (AMC) +26%, BlackBerry (BB) +8%, Faraday Future Intelligent Electric (FFIE) +17%, Reddit (RDDT) +6%, and Virgin Galactic Holdings (SPCE) +7%.
- Paramount Global’s (NASDAQ:PARA) stock rose over 6% after Skydance Media offered Paramount Global a 26% premium for nonvoting shares, with the option for shareholders to roll into the deal. The $15 per share offer allows Skydance and its backers, including RedBird Capital, to contribute funds to purchase National Amusements and add cash to Paramount’s balance sheet. Paramount’s special committee recommended the offer, and the decision to accept or reject it now mainly rests with Shari Redstone, who controls 77% of the voting stock.
Biggest stock losers
- Following a decision by the Delaware State Court to permit jury trials in lawsuits brought by cancer patients claiming that the heartburn medication Zantac caused their illness, shares of GSK (NYSE:GSK) fell more than 9%. GSK declared that it would appeal the ruling and the decision has no effect on its capital allocation or investment strategies. In 2020, Zantac was taken off the market in the United States and other countries because it contained a possible carcinogen.
