Check out the companies making headlines in midday trading.
GameStop, AMC Entertainment – Meme stocks are popping again amid heightened speculative trading activities. Shares of GameStop soared nearly 14%, pushing its gains this week to more than 30%. Another Reddit favorite, AMC Entertainment, rallied 16%, bringing its weekly advance to over 50%.
CVS Health, Rite Aid and Walgreens Boots Alliance: Pharmaceutical stocks fell Wednesday on a report that Amazon may open brick-and-mortar pharmacies. CVS is down 1.4%, and Rite Aid slipped 1.6%. Walgreens declined nearly 3%.
Ford – Ford’s stock rose more than 6% after the automaker announced plans to increase its investment in electric vehicles to $30 billion through 2025 at its investor day Wednesday morning. The company said it expects 40% of its global sales volume to come from electric vehicles by 2030.
Discovery – Discovery is up about 3.8% midday after Amazon announced it will buy MGM Studios for $8.45 billion, raising possible valuations across the entertainment industry. The news follows that of Discovery’s $43 billion deal to merge with WarnerMedia after a spinoff from AT&T.
Urban Outfitters – The retail stock soared about 12.3% in midday trading after the company posted blowout first-quarter earnings. Urban Outfitters reported quarterly earnings of 54 cents per share, more than triple analysts’ estimate of 17 cents per share, according to Refinitiv. The retailer’s revenue of $927.4 million also topped the Street’s $900.1 million projection. Urban Outfitters said comparable retail segment sales increased 51%.
Dick’s Sporting Goods – The retailer’s stock soared more than 15% after Dick’s Sporting Goods smashed expectations for its first quarter and hiked its guidance. The company reported adjusted earnings per share of $3.79 on $2.92 billion in revenue. Analysts surveyed by Refinitiv had penciled in $1.12 in earnings and $2.18 billion in revenue. Management said the return of youth sports helped to drive sales.
Nordstrom – Nordstrom shares fell roughly 4.5% midday after the retailer’s first-quarter earnings results missed Wall Street expectations. Nordstrom lost $1.05 per share in the first quarter, more than analysts’ projection of 57 cents loss per share. The company said its first-quarter net sales were 13% lower than the same period in fiscal 2019.
Capri Holdings – The Michael Kors, Jimmy Choo and Versace owner rose more than 2% in midday trading after reporting strong earnings. Capri reported earnings of 38 cents per share on revenue of $1.2 billion. Analysts expected earnings of 2 cents per share on revenue of $1.02 billion, according to Refinitiv.
Abercrombie & Fitch – Abercrombie shares jumped more than 9% after reporting a 61% increase in first quarter sales Wednesday. The retailer reported earnings of 67 cents per share on revenue of $781 million, while analysts estimated a loss of 38 cents on revenue of $687 million.
— CNBC’s Hannah Miao, Jesse Pound, Maggie Fitzgerald and Yun Li contributed reporting
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