Games Developer Surges 35% After EA Deal

Indexes fell back slightly from record highs
By Newser Editors and Wire Services
Posted Feb 9, 2021 4:01 PM CST
Hanesbrands Jumps 25% After Strong Earnings Report
In this photo provided by the New York Stock Exchange, trader Ashley Lara works on the floor, Tuesday, Feb. 9, 2021.   (Courtney Crow/New York Stock Exchange via AP)

Stocks capped a listless day of trading Tuesday with an uneven finish that snapped a six-day winning streak for the S&P 500 even as the Nasdaq set another all-time high. A late fade pulled the S&P 500 down 0.1%, just below its record high set a day earlier. The benchmark index closed with a nearly even split between gainers and losers. A mix of companies that deal with consumer services and products were the biggest drag on the broader market, outweighing gains in communications, industrial, and health care stocks, the AP reports. The S&P 500 index slipped 4.36 points to 3,911.23. The Dow Jones Industrial Average dropped 9.93 points, or less than 0.1%, to 31,375.83. The Nasdaq rose 20.06 points, or 0.1%, to 14,007.70, its fourth straight gain

Several companies made big moves after reporting their latest quarterly results Tuesday. Hanesbrands soared 24.9% for the biggest gain in the S&P 500 after reporting earnings that came in well ahead of what analysts were expecting. Mobile games developer Glu Mobile vaulted 34.9% after it agreed to be acquired by Electronic Arts in a deal valued at $2.1 billion. Shares in Electronic Arts, maker of "Medal of Honor" and other video games, rose 2.6%. The Glu buy will give EA a bigger presence in mobile gaming, CNBC notes. Shares of GameStop and AMC Entertainment continue to be volatile, as online investors remain in a tug-of-war with Wall Street institutional investors over the struggling companies' values. GameStop shares fell 16.1% and AMC lost 11%

(More stock market stories.)

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