Shoppers wait for a GameStop store to open at Tysons Corner Center, in Tysons, Virginia, November 27, 2020.
Hannah McKay | Reuters
Check out the companies that hit the headlines in Friday midday trading.
GameStop – Shares of the video game retailer rose about 2%, erasing massive overnight losses, as investors take a look at the company’s unexpected loss during the holiday season. GameStop says it will launch a new marketplace for unusable tokens aka NFTs by the end of the second quarter.
FedEx – FedEx shares fell 5% after the company missed earnings estimates for the quarter. Company beat on revenue but indicates labor shortage amid the omicron variant outbreak hurt its bottom line.
Tesla – Shares rose 2.9% after Morgan Stanley reiterates overweight rating on Tesla. The call came after CEO Elon Musk tweeted that he was “Working on a season 3 master plan.” Morgan Stanley said it sees “Section 3 as mass industrialization, a network flywheel, and ‘connecting points’ across adjacent TAMs.”
Moderna – Shares of Moderna rose 4.4% on the news seeking FDA approval for a second Covid-19 booster shot intended for adults 18 years of age and older. Pfizer and its partner BioNTech requested approval of a Covid-19 booster for people 65 and older this week.
Rent a runway – Shares of the fashion rental company skyrocketed 30% after Jefferies begins to cover the company With a buy rating, note that a company’s high barrier to entry can help it drive revenue growth of up to 50%. Jefferies also start insurance Later RealReal, Farfetch and ThredUp with buy rating. The stocks rose 9%, 5% and 4% respectively.
Joanna – The craft retailer’s stock plummeted 10.7% after the company reported disappointing quarterly revenue for the previous quarter. Joann also saw a $60 million increase in ocean freight costs last year – one of many supply chain disruptions. Piper Sandler retailer downgrade to neutral from overweight.
Wingstop – Franchise shares of chicken wings restaurant almost 5% off in mid-day trading after Piper Sandler downgraded the stock count to underweight due to overweight. The company expects the stock to encounter resistance in the near term.
MongoDB – Shares of this tech company jumped nearly 5% after one upgrade to buy from UBS. The investment firm said in a note to clients that it is attracting more clients.
Garmin – Consumer electronics stocks up 2.7% over heel of the upgrade to buy from Bank of America. Bank of America said the recent drop in shares makes Garmin a buy candidate considering its strong fundamentals, Bank of America said in a note to clients.
US Steel – Shares of US Steel fell 6% after issuing weaker-than-expected guidance for the quarter, with the Company citing rising raw material costs as one of the contributing factors.
– CNBC’s Yun Li, Jesse Pound, Hannah Miao and Maggie Fitzgerald contributed reporting
