See the companies making headlines in midday trading. Affirm Holdings – Shares jumped 11% after announcing that buy now, pay later credits will be built into Apple Pay as a shopping option. US Apple Pay users on iPhone and iPad will be able to take advantage of this option later this year, the company said. General Motors – Shares of the automaker rose about 1.4% after announcing a $6 billion stock buyback program. GM also cut its electric vehicle sales forecast for 2024 due to slow adoption. The company plans to produce 200,000 to 250,000 electric vehicles this year, up from a previous range of 200,000 to 300,000. Apple – Shares jumped more than 7% a day after the iPhone maker announced its artificial intelligence strategy at the Worldwide Developers Conference. Apple executives said Siri will use ChatGPT thanks to Apple’s partnership with OpenAI, as well as other updates. GameStop – Shares rose 22.8%, paring losses after a recent decline. GameStop shares fell 12% on Monday, extending Friday’s decline after a poor earnings report and the first live broadcast in years by Keith Gill, the meme stock leader known as Roaring Kitty. FMC Corp – Shares of the agricultural company jumped 4% on the announcement that former CEO Pierre Brondeau is returning to his former post, effective immediately, to replace Mark Douglas, CEO and president, who stepped down. Ronaldo Pereira was appointed president. The company also reaffirmed its revenue and profit guidance for the second quarter. Shopify – Shares rose about 1.3% after JPMorgan initiated the creation of an overrated e-commerce company, saying the beaten stock was a “can’t-miss online sale.” The company said Shopify’s product breadth, ease of use and scale are unique competitive advantages that will fuel its growth. DXC Technology – Shares fell slightly after Reuters reported that Apollo Global and Kyndryl Holdings are making a joint bid to acquire the IT services company. Reuters reported that the duo are offering between $22 and $25 per share of the IT company. Apollo shares fell 1.7%, while Kyndril shares were down about 0.7%. Southwest Airlines – Shares fell about 5.6% after the airline said it was open to meeting with Elliott. The activist management firm owns a $1.9 billion stake in Southwest and has previously said it would seek a change in Southwest’s leadership. Calavo Growers – Shares of the avocado distributor rose more than 8% after the company significantly beat second-quarter expectations. CEO Lee Cole said “improved prices and margins in our core avocado business as well as our tomato portfolio” contributed to the better-than-expected results. The company’s guacamole business also improved compared to last year. Academy Sports and Outdoors – Retail shares fell more than 3% after a disappointing first quarter and Bank of America’s downgrade to neutral from buy. After adjustments, Academy earned $1.08 per share, compared with analysts polled by FactSet calling for $1.21 per share. — CNBC’s Alex Harring, Samantha Subin, Lisa Kailai Khan, Pia Singh, Sarah Min and Jessie Pound contributed reporting.
