Stocks making the biggest moves midday: Broadcom, Honda, GameStop, KULR Technology and more
Check out the companies making headlines in midday trading: KULR Technology Group — The space technology company skyrocketed more than 26% after it bought 217.18 bitcoin worth about $21 million. The cryptocurrency purchase was the first for the company since it announced a new bitcoin treasury initiative on Dec. 4, the day bitcoin hit the $100,000 level for the first time . KULR plans to allocate up to 90% of its surplus cash to bitcoin, borrowing a page from MicroStrategy’s playbook. Honda — U.S.-listed shares rallied 4%, continuing to advance after the automaker announced official merger talks earlier this week with fellow Japanese automaker Nissan. That gain raised its week-to-date advance above 18%. Toyota Motor — Shares climbed more than 8% after Nikkei, citing an executive who asked not to be named, reported that the automaker plans to double its return on equity, or ROE, target to 20% . Alibaba — Shares of the e-commerce giant rose about 1% on the heels of an announcement of a joint venture with South Korean retailer Shinsegae. Alibaba’s stock is still down more than 1% in December. GameStop — Shares of the video game retailer jumped about 4%, extending its gains from Tuesday. GameStop has risen four straight days and climbed nearly 85% this year. Crypto stocks — Stocks tied to the price of bitcoin cut earlier losses but remained under pressure with the cryptocurrency. Bitcoin is hovering at the $96,000 level and about 11% off its record. Shares of Coinbase were down nearly 2%, while MicroStrategy dipped about 3%. Miners Mara Holdings and Iren were each lower by more than 2%. Broadcom — Broadcom shares gained nearly 3% to build on a strong year-to-date and December rally. The stock is up about 51% this month and has notched new highs. Shares have rallied 119% in 2024. Assembly Biosciences — The biotechnology stock popped 4% after reporting “encouraging” results from a clinical trial for a chronic hepatitis B treatment. Enrollment is currently underway for the second cohort. Kewaunee Scientific — The health-care product maker advanced 3% after Chief Financial Officer Donald Gardner disclosed a sale of 2,000 shares of common stock. Following the sale, Gardner beneficially owns 22,600 shares. — CNBC’s Pia Singh, Tanaya Macheel, Jesse Pound, Sean Conlon and Samantha Subin contributed reporting.
