Check out the companies leading the headlines in lunch trading on Thursday.
Carvana – Shares of the online used car dealer rose nearly 30%, among other very short stocks. Nearly 29% of Carvana’s shares available for trading are short-lived, according to FactSet. The company has faced negative sentiment on Wall Street recently, with cuts this month from Stifel, Morgan Stanley and Wells Fargo.
Tapestry – Shares rose 15.9% after the luxury company behind Coach and Kate Spade said it expects Covid-related suspensions in China to ease in June. Tapestry also reported adjusted quarterly earnings of 51 cents per share, exceeding Refinitiv’s consensus estimate.
GameStop, AMC Entertainment – Two of the major players in last year’s meme trade rose again on Thursday. Shares of GameStop and AMC rose 10.3% and 7.3%, respectively, and rose significantly more earlier in the session. There was no obvious news driving the moves, which may be due in part to traders who were short of stocks covering their positions.
General Motors, Ford – Inherited car stocks were under pressure on Thursday after Wells Fargo downgraded both to underweight, warning that high costs for electric vehicles would hurt profits in the coming years. Ford lost 1.4%, while GM fell 3.6%.
WeWork – Shares jumped 9.8% after the coworking space company published its results for the first quarter. WeWork reported an adjusted loss of earnings per share of 57 cents on revenue of $ 765 million. This loss is 37% lower than in the previous quarter.
Rivian, Lucid – Shares of several electric vehicle companies rose in lunch trading in unexplained trading. Rivian’s share price rose 20.9% after the electric vehicle maker said on Wednesday it was on track to produce 25,000 vehicles this year, as well as a slightly lower loss for the first quarter. than analysts expected. Lucid’s share price jumped 12.3%.
Sonos – Shares jumped 14.9% after the high-end audio maker reported better-than-expected earnings for its most recent quarter amid continuing high demand. Revenue for the quarter was $ 399 million, compared to Refinitiv’s $ 350 million forecast.
Synchrony Financial – Synchrony Financial’s share price was under pressure after falling by Wolfe Research. The research firm downgraded stocks to perform lower than competitors, saying credit card stocks would be under prolonged pressure from recession risks. Shares fell 5%.
Bumble – Shares of the dating app operator jumped 26.2 percent after the company reported revenue of $ 211.2 million in the first quarter, which exceeded analysts’ estimates of $ 208.3 million, according to Refinitiv. The company also said it saw a 7.2% increase in paying customers for the quarter.
– CNBC’s Tanya Machel, Hannah Miao and Jesse Pound contributed to the report.
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