Check out the companies making headlines in Thursday’s midday trading.
Carvana – Shares of the online used car dealer almost 30% popped, along with other heavily short stocks. Nearly 29% of Carvana shares available for trading are sold short, according to FactSet. The company recently faced negative sentiment on Wall Street, with downgrades this month from Stifel, Morgan Stanley and Wells Fargo.
Tapestry – Shares were up 15.9% after the luxury company behind Coach and Kate Spade reported it Covid-related closures in China are expected to decrease in June. Tapestry also posted adjusted quarterly earnings of 51 cents per share, which exceeded a consensus estimate from Refinitiv.
GameStop, AMC entertainment – Two of the major players in last year’s meme business were again on the rise on Thursday. Shares of GameStop and AMC were up 10.3% and 7.3%, respectively, and had risen sharply at the start of the session. There was no obvious news guiding the moves and it may have been partly due to traders who were short on the stocks hedging their positions.
General Motors, ford – The following Thursday, legacy auto stocks came under pressure Wells Fargo downgraded both of them to underweight from overweight, warning that the high production costs of electric vehicles would hurt profits in the years to come. Ford lost 1.4%, while GM lost 3.6%.
We work – Shares were up 9.8% after the coworking firm released its first quarter results. WeWork posted an adjusted earnings per share loss of 57 cents on revenue of $ 765 million. This loss was 37% lower than in the previous quarter.
Riviano, Shiny – Shares of several electric vehicle companies rose mid-day with unexplained trading. Rivian’s share price was up 20.9% after the electric vehicle maker said Wednesday it is on track to build 25,000 vehicles this year, as well as a first quarter loss which was slightly less than analysts expected. Lucid’s share price jumped 12.3%.
are S – Shares were up 14.9% after the high-end audio maker posted better-than-expected revenue for its final quarter amid continued high demand. Revenue for the quarter was $ 399 million, compared with a final forecast of $ 350 million.
Financial synchrony – Synchrony Financial’s share price came under pressure following a Wolfe Research downgrade. The research company shares downgraded to underperform from peer performance, saying credit card stocks will be under continued pressure from recession risks. The share fell by 5%.
bumble Shares of the dating app operator were up 26.2% after the company posted revenue of $ 211.2 million for the first quarter, which surpassed analyst estimates of 208.3 million. dollars, according to Refinitiv. The company also said it saw a 7.2% increase in paying users for the quarter.
– CNBC’s Tanaya Macheel, Hannah Miao and Jesse Pound contributed to the reporting.