Shoppers await the opening of a GameStop store at the Tysons Corner Center, in Tysons, Virginia, November 27, 2020.
Hannah McKay | Reuters
Check out the companies making headlines during Friday afternoon trading.
GameStop — Shares of the video game retailer gained about 2%, wiping out large overnight losses as investors looked past the company’s unexpected loss over the holiday quarter. GameStop said it will launch a new marketplace for non-replaceable tokens, or NFTs, by the end of the second quarter.
FedEx – FedEx shares fell 5% after the company missed earnings estimates for the quarter. The company beat sales but said staff shortages amid the ommicron variant outbreak are hurting profits.
Tesla – Shares gained 2.9% after Morgan Stanley reiterated its overweight rating for Tesla. The call came after CEO Elon Musk tweeted that he was “working on masterplan part 3”. Morgan Stanley said it sees “Part 3 as massive industrialization, a network flywheel and ‘connecting the dots’ across adjacent TAMs.”
Moderna — Shares of Moderna rose 4.4% on news that it is seeking FDA approval for a second Covid-19 booster shot for adults 18 years of age or older. Pfizer and its partner BioNTech this week sought approval for a Covid-19 booster for the over-65s.
Rent the Runway — Shares of the fashion rental company rose 30% after Jefferies began covering the company with a buy recommendation, noting that the company’s high barrier to entry could contribute to a whopping 50% revenue growth. Jefferies also started covering RealReal, Farfetch and ThredUp with buy ratings. Shares rose 9%, 5% and 4% respectively.
Joann — The craft retailer’s stock plunged 10.7% 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’s rating to neutral from overweight.
Wingstop — Shares of the Chicken Wings restaurant franchise fell nearly 5% in afternoon trading after Piper Sandler cut its stock from overweight to underweight. The company expects the stock to face resistance in the near term.
MongoDB – Shares of the tech company rose nearly 5% after an upgrade to buy from UBS. The investment company said in a note to customers that the company is gaining traction with customers.
Garmin – Consumer electronics stocks gained 2.7% after an upgrade to buy from Bank of America. The recent slump in stocks makes Garmin a buying contender given its strong fundamentals, Bank of America said in a note to customers.
US Steel – Shares of US Steel fell 6% after releasing a weaker-than-expected outlook for the quarter. The company cited rising raw material costs as one of the contributors.
— Yun Li, Jesse Pound, Hannah Miao and Maggie Fitzgerald of CNBC contributed to the report
This post Stocks making the biggest moves in the afternoon: GameStop, Tesla and more was original published at “https://www.cnbc.com/2022/03/18/stocks-making-the-biggest-moves-midday-gamestop-tesla-and-more.html”