GameStop, Rivian, Regeneron, Snap and more

Pedestrians pass in front of a GameStop retail store in New York, December 23, 2021.

Scott Mlyn | CNBC

Check out the companies making headlines in midday trading Thursday.

GameStop – Shares of video game retailer rose 4% after the company disclosed a new partnership with cryptocurrency exchange FTX in its quarterly update. GameStop plans to collaborate with FTX on e-commerce and online marketing initiatives. The increase in the stock price came even as GameStop reported a sales decline and widened losses for the most-recent quarter.

Rivian Automotive – Rivian shares popped more than 6% after the electric-vehicle startup and Mercedes announced they were planning a joint venture to build electric commercial vans for both brands in Europe. Production for the vehicles will be done on a shared assembly line to reduce costs and will begin in a few years.

Advanced Micro Devices — Shares of the chip stock gained 3.1% following an upgrade from Stifel to a buy rating. The firm said Advanced Micro Devices’ stock could rally more than 50% going forward.

Asana – Asana shares surged 22% after the work management-focused software company beat analysts’ earnings and revenue estimates for the previous quarter. Asana posted a smaller-than-expected loss of 34 cents per share. Revenue came in at $134.9 million, compared to estimates of $127.2 million, according to Refinitiv. The company’s third-quarter revenue guidance was slightly ahead of estimates.

Regeneron — Regeneron’s stock rallied 18.5% after the pharmaceutical stock posted positive results from a trial for a potential eye drug.

Snap — Shares of the social media company jumped more than 8% after the Verge reported that CEO Evan Spiegel broke down a turnaround plan in an internal memo. Spiegel said the company aims to grow Snapchat’s user base by 30% to 450 million by the end of next year. He also said he expects to increase revenue to $6 billion in 2023. Snap recently laid off 20% of its workforce. 

Moderna — Moderna jumped 3.1% after Deutsche Bank upgraded the stock to buy, saying that a strong showing in the biotech company’s most recent quarter points to a buying opportunity.

American Eagle Outfitters — American Eagle Outfitters’ stock sank 10% after earnings fell short of analysts’ expectations in the recent quarter. Revenue fell in line with estimates although the retailer warned of increased promotions.

Dave & Buster’s — Shares dove 12% after earnings per share missed the Street’s second-quarter estimates. Revenue slightly beat expectations, however, and the company said its business has seen improvement in the early stages of the third quarter.

— CNBC’s Michelle Fox, Sarah Min, Tanaya Macheel and Yun Li contributed reporting

Source link

About rtsuggests

Check Also

NFL nearing rights deal with Google’s YouTube TV for Sunday Ticket

New England Patriots tight end Hunter Henry (85) celebrates his touchdown run against the Cleveland …

Leave a Reply

Your email address will not be published. Required fields are marked *

About Us | ccpa california consumer privacy act