Check out the companies making headlines in midday trading.
GameStop — Shares of the video game retailer jumped 15.1% after the company said a 4-for-1 stock split was approved by its board. A stock split theoretically makes the stock more affordable for investors, but it doesn’t change the fundamentals of the company.
Virgin Galactic Holdings — The space tourism company climbed 12.1% after it announced a partnership with Boeing subsidiary Aurora Flight Sciences to build additional aircraft “motherships” to support its coming spacecraft fleet. Shares of Boeing rose 2.7%.
Bed Bath & Beyond — Shares of the home goods retailer jumped 21.7% following the disclosure of several insider purchases, including interim CEO Sue Gove’s purchase of 50,000 shares. Board members Harriet Edelman and Jeff Kirwan each bought 10,000 shares.
Energy stocks — Oil stocks were the leaders in the S&P 500 Thursday after prices jumped back over $100 after sliding alongside other commodities. APA Corp jumped gained 7.8%. Marathon Oil, Schlumberger and Diamondback Energy all rose more than 5%.
Chip stocks — Samsung gave chipmakers’ shares a boost after the company offered “better than feared” revenue guidance for the second quarter. On Semiconductor jumped 9.2%. Marvell rose 6.5%, while Advanced Micro Devices and Qualcomm gained more than 5%.
Otis Worldwide — The maker of elevators and escalators saw shares fall roughly 1.6% after JPMorgan downgraded them to neutral from overweight. The firm also cut its price target on the stock to $62 from $100, implying downside of about 13% from Wednesday’s close.
Helen of Troy — Shares dropped 8.9% after the consumer products company lowered its sales and EPS outlooks for fiscal year 2023, despite reporting an earnings beat for its most recent quarter.
SoFi — Shares of the fintech stock rose more than 6.1% after Mizuho reiterated the stock as a buy and said it can withstand a recession better than its peers.
— CNBC’s Samantha Subin, Sarah Min and Yun Li contributed reporting.
Source: Finance - cnbc.com
