A person wearing a protective mask leaves a GameStop Corp. store on Thursday, April 22, 2021. at a mall in San Diego, California.
Bing Guan | Bloomberg | Getty Images
Check out the companies that are making headlines in midday trading.
GameStop, AMC Entertainment – Meme stocks burst again amid heightened speculative trading activity. GameStop’s shares rose nearly 14%, increasing its earnings to over 30% this week. Another Reddit favorite, AMC Entertainment, gained 16% and posted a weekly increase of over 50%.
CVS Health, Rite Aid and Walgreens Boots Alliance: Pharmaceutical stocks fell Wednesday on a report that Amazon may be opening brick and mortar pharmacies. CVS is down 1.4% and Rite Aid is down 1.6%. Walgreens were down nearly 3%.
Ford – Ford’s shares rose more than 6% after the automaker announced plans on its investor day Wednesday morning to increase its EV investments to $ 30 billion by 2025. The company assumes that 40% of its global sales volume will be generated with electric vehicles by 2030.
Discovery – Discovery is up about 3.8% after Amazon announced it would buy MGM Studios for $ 8.45 billion, increasing potential ratings across the entertainment industry. The news follows that of Discovery’s $ 43 billion deal to merge with WarnerMedia following a spin-off from AT&T.
Urban Outfitters – Retail stocks rose 12.3% in midday trading after the company posted a profit loss in the first quarter. Urban Outfitters reported quarterly earnings of 54 cents per share, more than three times the analysts estimate of 17 cents per share, according to Refinitiv. The retailer’s sales of $ 927.4 million also surpassed the street’s forecast of $ 900.1 million. Like-for-like retail sales grew 51%, according to Urban Outfitters.
Dick’s Sporting Goods – The retailer’s stock rose more than 15% after Dick’s Sporting Goods beat expectations for the first quarter and raised its forecast. The company reported adjusted earnings per share of $ 3.79 on sales of $ 2.92 billion. Analysts surveyed by Refinitiv reported earnings of $ 1.12 and revenues of $ 2.18 billion. Management said the return of youth sports helped increase sales.
Nordstrom – Nordstrom stock fell around 4.5% at noon after the retailer’s first-quarter results fell short of Wall Street’s expectations. Nordstrom lost $ 1.05 per share in the first quarter, more than analysts’ forecast of 57 cents per share. The company announced that first quarter net sales were 13% lower than the same period last year.
Capri Holdings – The owner of Michael Kors, Jimmy Choo and Versace rose more than 2% in midday trading after reporting strong gains. Capri reported earnings of 38 cents per share on sales of $ 1.2 billion. According to Refinitiv, analysts expect earnings of 2 cents per share on sales of 1.02 billion US dollars.
Abercrombie & Fitch – Abercrombie shares rose more than 9% after seeing sales jump 61% on Wednesday. The retailer reported earnings of 67 cents per share on sales of $ 781 million, while analysts estimated a loss of 38 cents on sales of $ 687 million.
– CNBC’s Hannah Miao, Jesse Pound, Maggie Fitzgerald and Yun Li contributed to the coverage
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