Check out which companies are making the headlines at midday Thursday.
Carvana Online used car retailer stocks Approximately 30% appeared, along with other heavily short-sold stocks. Roughly 29% of Carvana’s stock available for trading is being sold short, according to FactSet. The company faced negative sentiment on Wall Street recently, with ratings downgrades this month from Stifel, Morgan Stanley and Wells Fargo.
texture – Shares are up 15.9% after the luxury company behind Coach and Kate Spade reported it China’s Covid-related lockdowns expected to ease in June. Tapestry also reported an adjusted quarterly profit of 51 cents per share, which exceeded a consensus estimate from Refinitiv.
Jim StopAnd AMC Entertainment – Two of the main players in the meme trade last year are Rise again on Thursday. GameStop and AMC stock prices are up 10.3% and 7.3%, respectively, and are also up significantly earlier in the session. There was no clear news driving the moves, which may have been caused in part by traders selling shares to cover their positions.
general motorsAnd stronghold Old auto stocks came under pressure Thursday after that Wells Fargo lowered both ratings to underweight from overweightHe warned that the rising costs of producing electric cars would hurt profits in the coming years. Ford lost 1.4%, while General Motors fell 3.6%.
WeWork Shares jumped 9.8% after the co-working space company announced its first-quarter results. WeWork reported an adjusted earnings per share loss of 57 cents on revenue of $765 million. That loss was 37% less than the previous quarter.
RivianAnd Lucid The shares of many electric car companies rose in midday trading in unjustified trading. Rivian’s share price rose 20.9% after the electric car maker said on Wednesday it is on track to build 25,000 vehicles this year, in addition to first quarter loss This was slightly less than analysts had expected. Lucid’s share price jumped 12.3%.
Sonos – Shares jumped 14.9% after the maker of high-end audio products reported better-than-expected revenue for the fourth quarter amid continued high demand. Revenue for the quarter came in at $399 million, compared to Refinitiv’s forecast of $350 million.
financial synchronization Synchrony Financial’s stock price came under pressure after Wolfe Research’s downgrade. Research company Stock rating downgraded to underperforming from peers, saying credit card stocks will see continued pressure from recession risk. Shares are down 5%.
stutter – Shares of the dating app operator jumped 26.2% after the company reported $211.2 million in revenue for the first quarter, topping analysts’ estimates of $208.3 million, according to Refinitiv. The company also said it saw a 7.2% increase in user payments for the quarter.
– CNBC’s Tanaya Machel, Hannah Miu, and Jesse Pound contributed to the report.