Stocks making the biggest moves midday: Moderna, Lululemon, GameStop and more
Check out the companies making headlines in midday trading.
Moderna — Shares of the drug maker rose 7.8% after announcing it's developing a two-in-one vaccine booster shot that protects against both Covid-19 and the seasonal flu. The new vaccine, which the company is calling mRNA-1073, combines Moderna's current Covid vaccine with a flu shot that's also under development, according to a press release.
Lululemon — The athleisure brand jumped 10.5% and hit an all-time high after reporting strong second-quarter earnings and said it's on track to hit a 2023 revenue target ahead of schedule. The company has outperformed other retailers during the pandemic and is poised to continue to even as people return to offices.
GameStop — Shares of the video game retailer pared losses from a steep post-earnings sell-off to close 0.2% higher as retail investors rallied around the Reddit favorite. GameStop fell as much as 10% before punching back into the green intraday. The company posted a narrower loss in the second quarter compared with a year prior and rising sales. The retailer was light on providing an outlook for the upcoming quarters and details on its e-commerce transformation, which disappointed Wall Street analysts. The meme stock favored by Reddit traders is still up over 900% this year.
Boston Beer — Shares of the alcoholic beverage lost 3.8% after it pulled its earnings guidance late Wednesday amid a slowdown in sales of its hard seltzer brand Truly. That development came just a few weeks after the company blamed weaker-than-expected second-quarter earnings on poor Truly sales, leading it to cut its full-year forecast.
RH — Shares of the furniture retailer popped 7.8% after beating on the top and bottom lines of its quarterly results. RH earned $8.48 per share, topping estimates of $6.48 per share, according to Refinitiv. Revenue came in at $988.8 million, above expectations of $975.4 million.
Caesars Entertainment — Caesars shares gained 0.7% after the company announced it will sell the non-U.S. assets of its William Hill sports betting unit to British gambling firm 888 Holdings. The deal is worth about 2.2 billion pounds, or roughly $3 billion.
NetEase — Chinese regulators summoned NetEase and other gaming companies to remind them of restrictions on game time for children. Shares of NetEase retreated 2.1%.
Analog Devices — Analog Devices shares added 3.1% after the company announced its acquisition of rival chip maker Maxim Integrated Products is expected add to adjusted earnings in 12 months after closing, six months sooner than previously expected. Analog Devices said it expects the acquisition to be neutral to adjusted earnings in fiscal 2022.
Macy's — Shares of the retailer gained 1.9% after Cowen upgraded the stock to an outperform rating, saying the stock can jump almost 30%. The firm pointed to the retailer's digital push, as well as product innovation and pricing management as factors that will drive upside. Shares of Macy's have nearly doubled this year.
Ford — Shares of Ford dipped 2.1% after the automaker said it would end vehicle production in India, costing about $2 billion. The company is shutting down two large plants in the country and about 4,000 people are expected to lose their jobs.
Blade Air Mobility — Shares of Blade surged 18.8% after JPMorgan said the aerial ride-sharing company could be the Uber of the skies. The firm predicts an 80% rally ahead for Blade and believes the aerial ride-sharing market could be worth tens of billions of dollars within a decade.
Leslie's — Shares of Leslie's rose 3.2% after Stifel initiated coverage of the pool stock with a buy rating. The firm said the stock is currently undervalued as Leslie's is poised to "build upon its leading market share" in the pool and spa market.
— CNBC's Pippa Stevens, Yun Li, Maggie Fitzgerald and Tanaya Macheel contributed reporting
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