GameStop As investors looked past the company’s unexpected loss over the holiday quarter, shares of the video game retailer rose around 2%, reversing large overnight losses. By the end of the second quarter, GameStop plans to establish a new marketplace for nonfungible tokens, or NFTs.
FedEx shares slumped 5% after the firm missed quarterly earnings projections. Revenues were higher than expected, but the company’s bottom line was hit by staff shortages caused by the omicron variant outbreak.
Tesla’s stock jumped 2.9 percent after Morgan Stanley maintained its overweight recommendation. The company’s CEO, Elon Musk, said on Twitter that he was “working on master plan part 3.” According to Morgan Stanley, “Part 3” is “mass industrialization, a network flywheel, and ‘connecting the dots’ across neighboring TAMs.”
Moderna’s stock jumped 4.4 percent after the company said that it is seeking FDA clearance for a second Covid-19 booster shot for people aged 18 and up. This week, Pfizer and its partner BioNTech submitted a request for approval for a Covid-19 booster for people aged 65 and up.
Rent the Runway — The clothes rental company’s stock rose 30% after Jefferies launched covering with a buy rating, citing the company’s high barrier to entry as a factor that might help it deliver up to 50% top-line growth. The RealReal, Farfetch, and ThredUp were also given buy ratings by Jefferies. The stock prices increased by 9%, 5%, and 4%, respectively.
Joann — The craft retailer’s stock plunged 10.7% after the company reported abysmal quarterly sales for the previous quarter. Joann experienced a $60 million increase in maritime freight charges last year, one of many supply chain disruptions. Piper Sandler reduced the retailer’s weight to a healthy level.
Wingstop – The chicken wings restaurant chain’s stock dropped nearly 5% in noon trade after Piper Sandler cut it from overweight to underweight. The stock is expected to face resistance in the near future, according to the business.
MongoDB is a relational database management system. The IT company’s stock jumped nearly 5% after UBS upgraded it to buy. In a statement to clients, the investment firm stated that the company is developing momentum with customers.
Garmin – The consumer electronics stock rose 2.7 percent after Bank of America upgraded it to buy. In a letter to customers, Bank of America indicated that the recent decline in the stock makes Garmin a buy the dip option due to its excellent fundamentals.
U.S. Steel – Shares of U.S. Steel plummeted 6% after the company issued weaker-than-expected quarterly guidance. One of the factors identified by the corporation was rising raw material costs.