GameStop, Paramount Global, Waste Management, and More

U.S. equities sank at midday after a report showed the U.S. manufacturing sector contracted in May. The Dow and S&P 500 were lower, while the Nasdaq was little changed.

Waste Management (WM) shares declined after the waste removal company agreed to buy medical waste disposal firm Stericycle (SRCL) for $7.2 billion. Stericycle shares soared.

GSK (GSK) American depositary receipts (ADRs) declined after a Delaware judge ruled lawsuits could continue by plaintiffs who claim the drugmaker’s former heartburn treatment Zantac caused cancer.

Cava Group (CAVA) shares fell following a downgrade from JPMorgan, which suggested the fast-casual restaurant chain’s stock price has become too pricey. 

Nvidia (NVDA) shares gained after the chipmaker announced its next-generation artificial intelligence platform. Shares of some of Nvidia’s partners including Micron Technology (MU), TSMC (TSM), and Arm (ARM) also gained.

Shares of Paramount Global (PARA) jumped on reports the entertainment giant has agreed to be taken over by Skydance Media and its partners for approximately $8 billion.

Spotify Technology (SPOT) shares rose as the streaming audio service announced it was raising prices.

Shares of GameStop (GME) soared after Keith Gill, known as “Roaring Kitty,” posted on social media a screenshot showing a portfolio with 5 million shares worth over $100 million.

Oil futures slumped and gold prices advanced. The yield on the 10-year Treasury note sank. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies traded higher.