GME, AMZN, CVNA and more
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Check out the companies making headlines in the midday trade.
GameStop – Meme stock fell nearly 1[ads1]8% after the company fired CEO Matthew Furlong and appointed Ryan Cohen as executive chairman, effective immediately. The company gave no reason for the dismissal.
Amazon — The e-commerce stock rose 2.8% on a bullish analyst call. Wells Fargo initiated coverage of Amazon with an overweight rating, saying the stock could rise more than 30% as it transitions to its regional fulfillment model.
Carvana — Shares surged more than 45% after the online car seller gave a positive outlook for the second quarter. Carvana said it now expects non-GAAP total gross profit per unit to come in above $6,000 in the second quarter.
Signet Jewelers — Shares fell 10% after Signet Jewelers cut its full-year outlook. The company cited increasing macroeconomic pressures weighing on the consumer.
Fisker — Shares fell 9% after Wolfe Research on Thursday downgraded Fisker to underperform. Analyst Rod Lache said he questions Fisker’s competitiveness as the automaker tries to build its business in “some of the most saturated industry segments.”
Warner Bros. Discovery — The media stock rose more than 6%, building on a gain of more than 6% in the previous session following the departure of CNN CEO Chris Licht.
Wynn Resorts, Las Vegas Sands — Shares of Wynn Resorts and Las Vegas Sands fell 1.2% and 1.8%, respectively, following downgrades from Jefferies to hold from buy. The firm said a Macao extraction has already been priced in.
T-Mobile — The telecommunications giant added 2.6% after an upgrade to outperform peers by Wolfe Research. The firm said the stock’s recent underperformance opens up a buying opportunity.
Adobe — Shares rose 5.1% after the company announced it is offering its artificial intelligence tool, Firefly, to large enterprise customers. Adobe said it is already working with “hundreds” of companies to explore how Firefly can reduce costs and increase efficiency.
HashiCorp — The software company saw its shares fall 23% after posting a loss of 7 cents per share for the first quarter, though that was less than the 14 cents per share loss expected by FactSet analysts. The firm also reported a drop in net income retention, flagging a difficult macro backdrop and lengthening deal cycles and optimization.
Smartsheet — Smartsheet fell more than 18% after the software company said billings came in at $215.5 million, missing a StreetAccount estimate of $217.1 million.
Oxford Industries – The clothing company, known for brands such as Lilly Pulitzer and Tommy Bahama, fell more than 9% after giving disappointing guidance for the second quarter and full year.
Trip.com – The online travel company saw its stock jump 5% after the firm reported better-than-expected first-quarter results. Trip.com had earnings per share of 43 cents, beating a StreetAccount estimate of 26 cents. Revenue of $1.29 billion also came in above an expectation of $1.13 billion.
— CNBC’s Yun Li, Alex Harring, Sarah Min, Michelle Fox and Tanaya Macheel contributed reporting.
