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Stocks to Watch Today: Southwest Airlines, KKR, and General Motors

Published 11-06-2024, 10:52 am
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KKR (NYSE:KKR), General Motors (NYSE:GM), and Southwest Airlines (NYSE:LUV) are making significant moves in Monday morning trading.

Monday morning trading today has been marked by significant moves in several stocks, driven by a combination of company-specific developments and broader market trends. Here are the top three you should be watching.

Private equity giant KKR & Co. Inc. is set to join the S&P 500 index, sending its shares soaring. General Motors is partnering with Costco’s Auto Program to boost electric vehicle (EV) sales, tapping into the retailer’s vast membership base.

Meanwhile, activist hedge fund Elliott Management has taken a substantial stake in Southwest Airlines (LUV), pushing for leadership changes to turn around the struggling carrier.

KKR Set to Join S&P 500, Stock Soars

KKR’s impending inclusion in the S&P 500 index has prompted a surge in its stock price, with shares up 10% to an all-time intraday high of $108.

The move is expected to drive demand from index-tracking funds, further bolstering the stock’s performance. KKR has outperformed the S&P 500 over the past 1-year (+97.59%), 3-year (+101.49%), and 5-year (+379.62%) periods, showcasing the company’s strong growth trajectory. As of 11:40 AM EDT, KKR’s market cap stands at $99.656 billion.

GM Partners with Costco to Boost EV Sales

General Motors is leveraging Costco’s (NASDAQ:COST) Auto Program to expand its reach in the EV market. The partnership enables Costco’s 50 million-plus US members to purchase GM’s electric vehicles at discounted prices. With a growing interest in EVs among Costco members, GM sees this collaboration as a significant opportunity to increase sales.

The automaker is gearing up to release a range of affordable EV models, including the Chevrolet Equinox EV and an updated Chevrolet Bolt. Costco members will enjoy $1,000 off select EV models from GM’s Cadillac and Chevrolet brands this summer. GM stock is trading at $47.48, up $1.75 or 3.85%, with a market cap of $53.969 billion at the time of writing.

Elliott Management Takes Stake in Southwest Airlines, Pushes for Change

Southwest Airlines shares have jumped nearly 8% in late-morning trading following the news that activist hedge fund Elliott Management has acquired a $1.9 billion stake in the company. Elliott aims to drive a leadership overhaul at the airline, pushing to replace the CEO and Chairman to restore Southwest’s “best-in-class” status.

The stock, currently trading at $30.26, has lagged behind the S&P 500 over the 1-year (+1.07%), 3-year (-46.47%), and 5-year (-37.25%) periods. Southwest’s market cap currently stands at $18.109 billion.

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Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

This article was originally published on The Tokenist. Check out The Tokenist’s free newsletter, Five Minute Finance, for weekly analysis of the biggest trends in finance and technology.

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