Shares of retailers and other consumer companies ticked up amid a resurgence of the leading "meme" stock.
Shares of GameStop rose by more than 40% after its board tapped Chewy co-founder Ryan Cohen to lead a committee dedicated to transforming the retailer.
The trigger for a day trader buying raid on GameStop shares was Mr. Cohen's investment in the videogame chain's stock, and hopes he would help it to refashion itself as an online retailer in the Chewy mold.
The speculative buying activity, viewed as manipulation by some strategists, has led to aberrant moves in GameStop shares, such as Monday's extreme move.
Singapore-listed retail conglomerate Jardine Matheson Holdings offered $5.5 billion to buy the remainder of its Jardine Strategic Holdings affiliate to simplify its corporate structure.
Christian Louboutin, the high-price stiletto brand known for its red soles, is selling a 24% stake to the investment firm controlled by Italy's Agnelli family, in a deal that values the French company at roughly $2.73 billion.
American Airlines Group said it would raise $7.5 billion backed by its frequent-flier program to repay a loan that the carrier took out from the federal government during a previous round of pandemic relief.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-08-21 1710ET
