Stocks making the biggest midday moves: GameStop, Tesla and more

Shoppers wait for a GameStop store to open at Tysons Corner Center in Tysons, Virginia on November 27, 2020.

Hannah McKay | Reuters

Find out which companies are making headlines Friday at noon.

GameStop – Shares of the video game retailer gained about 3.5%, erasing big losses overnight, as investors looked past the company’s unexpected loss in the holiday quarter. GameStop has announced the launch of a new market for non-fungible tokens, or NFTs, by the end of the second quarter.

FedEx – FedEx shares fell nearly 4% after the company missed earnings estimates for the quarter. The company beat its revenue, but said a shortage of workers amid the omicron variant outbreak had hurt its bottom line.

Tesla – Shares gained 4% after Morgan Stanley reiterated its overweight rating on Tesla. The call came after CEO Elon Musk tweeted that he was “working on part 3 of the master plan”. Morgan Stanley said it views “Part 3 as mass industrialization, a network flywheel, and ‘connecting the dots’ between adjacent TAMs.”

Moderna – Moderna shares rose 6% after learning it was seeking FDA approval for a second Covid-19 booster shot for adults 18 or older. Pfizer and partner BioNTech this week sought approval for a Covid-19 booster for those 65 and older.

Rent the Runway – Shares of the fashion rental company soared 19% after Jefferies began hedging the company with a buy rating, noting the company’s high barrier to entry could help it generate revenue growth of up to 50%. Jefferies also launched coverage of RealReal, Farfetch and ThredUp with buy ratings. Shares rose 8%, 5% and 4%, respectively.

Joann — Shares of the craft retailer fell 6% after the company reported disappointing quarterly sales 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 downgraded the retailer to neutral from overweight.

Wingstop – Shares of the chicken wing restaurant franchise were flat after falling nearly 5% in midday trading as Piper Sandler downgraded the stock to underweight from overweight. The company expects the stock to experience short-term resistance.

MongoDB – Shares of the technology company rose nearly 7% after an upgrade to buy from UBS. The investment firm said in a note to clients that the business is growing in popularity with clients.

Garmin – The consumer electronics stock gained 2.7% on the heels of an upgrade to buy from Bank of America. The stock’s recent pullback makes Garmin a candidate to buy the dip given its strong fundamentals, Bank of America said in a note to clients.

US Steel – Shares of US Steel fell nearly 5% after issuing weaker-than-expected guidance for the quarter. The company cited rising raw material costs as one of the contributors.

– CNBC’s Yun Li, Jesse Pound, Hannah Miao and Maggie Fitzgerald contributed reporting

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