Here are the stocks making headlines in midday trading on Thursday.
GameStop – The video game stock loved by Reddit users spiked again on Thursday after rising by more than 100% in the previous session. Shares of GameStop rose more than 18% but finished well off session highs. Other social media favorites also had volatile sessions, with shares of AMC Entertainment losing 8.8% after soaring earlier in the day, while Koss rose 16.8%. GameStop announced earlier this week that it was changing chief financial officers.
Twitter – Shares of the social media company rose 3.7% after Twitter unveiled new growth goals for revenue and active users. The company says it wants to double its revenue by the end of 2023.
Teladoc – Shares of the remote doctor visits company fell 13.7% after posting a wider-than-expected loss for its quarterly earnings. Teladoc reported a loss of 27 cents per share, compared to the expected loss of 24 cents per share, according to Refinitiv. Revenue, however, topped estimates.
Best Buy – Shares of the electronics retailer dropped more than 9% after reporting same-store sales that missed Wall Street's expectations. Best Buy reported same-store sales of 12.6%, compared to estimates of 14.6%, according to Refinitiv. Best Buy made $16.94 billion in revenue, lower than the $17.23 billion forecast. The company, however, earned $3.48 per share, 3 cents higher than estimates.
Moderna – The biotech stock rose 2.5% after revenue came in well ahead of expectations for the fourth quarter. The company generated $571 million in revenue, while analysts surveyed by Refinitiv were expecting $279 million. The loss per share was wider than expected, however. The company also raised the lower end of its guidance for vaccine manufacturing in 2021.
Anheuser-Busch Inbev – The U.S. traded shares of the beer giant dropped 7.9% despite the company beating expectations on the top and bottom lines for its fourth quarter. The company did warn that its 2021 margins could be hurt by business mix and foreign exchange rates.
Overstock – Shares of the e-commerce company finished with a loss of more than 3%. Earlier in the session, the stock advanced about 1.5% after Bank of America upgraded the stock to a buy rating. "OSTK has seen more of a business transformation than peers from accelerating online Home Furnishing sales and appears to be better-positioned now than any point in recent history to 'potentially' sustain full-year retail growth and positive EBTIDA," the firm said in a note to clients. Bank of America's $91 target on the stock implies a 25% rally from Wednesday's closing price.
Wayfair – Shares of the retailer finished flat. The stock jumped nearly 4% earlier in the day after the company beat bottom-line estimates during the fourth quarter. Wayfair earned an adjusted $1.24 per share, above the consensus estimate of 86 cents, according to Refinitiv. Revenue, however, came up short of estimates. The company earned $3.67 billion compared with the expected $3.76 billion.