Positive. Google's AI potential praised, Affirm and GM see stock boosts, Apple unveils AI strategy.

From CNBC: 2024-06-11 16:28:00

Despite Apple’s artificial intelligence strategy announcement at its Worldwide Developers Conference, Evercore ISI doubled down on Google as one of its favorite AI picks. The firm said Google’s shares could jump more than 28%, demonstrating confidence in the company’s growth potential in the AI space. — Sean Conlon

Affirm Holdings surged 7% after announcing its buy now, pay later loans will be embedded into Apple Pay. General Motors rose 2% following a $6 billion share repurchase program. Apple climbed 6% after unveiling its AI strategy at the Worldwide Developers Conference. Read the full list of midday movers for more. — Spencer Kimball

Crude oil futures are steady after a 2% rally, recovering from last week’s sell-off prompted by OPEC+’s decision to boost production come October. The sell-off was largely considered an overreaction, with tight supplies expected through the third quarter. OPEC remains optimistic about oil demand and economic growth this year. — Spencer Kimball

Tesla shareholders will vote on Elon Musk’s $56 billion pay package, a decision that could impact the company’s stock. Analaysts expect the proposal to pass, but Institutional Shareholder Services and Glass Lewis have recommended against it. Regardless, shareholder approval could be a significant milestone for Tesla. — Spencer Kimball

Wolfe Research called Madrigal Pharmaceuticals’ liver disease therapy Rezdiffra the “Biggest 2024 Launch in Biotech,” leading to a 10% jump in the company’s shares. The drug is differentiated from GLP-1 weight loss drugs and has a 50% upside potential according to Wolfe. Madrigal’s CEO and the rising diagnosis rate for the disease are additional positive factors. — Christina Cheddar Berk



Read more at CNBC: Stock market news for June 11, 2024