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Find out which companies are making headlines in the midday business.
GameStop – The meme stock fell nearly 18% after the company fired CEO Matthew Furlong and named Ryan Cohen as executive chairman, effective immediately. The company did not provide a reason for dismissal.
Amazon – The e-commerce stock rose 2.8% on a bullish call from analysts. Wells Fargo kicked off Amazon coverage with an overweight rating, saying shares could rally more than 30% as it transitions to its regional delivery model.
Carvana – Shares jumped more than 45% after the online car seller released an upbeat outlook for the second quarter. Carvana said it now expects total non-GAAP gross profit per unit to exceed $6,000 in the second quarter.
Signet Jewelers – Shares fell 10% after Signet Jewelers lowered its full-year fiscal outlook. The company cited growing macroeconomic pressures on the consumer.
Fisker – Shares fell 9% after Wolfe Research downgraded Fisker on Thursday for underperforming its peers. Analyst Rod Lache said he questions Fisker’s competitiveness as the automaker tries to grow its business in “some of the most saturated segments of the industry”.
Warner Bros. Discovery – Media stock gained more than 6%, building on a gain of more than 6% in the previous session after the departure of CNN CEO Chris Licht.
Wynn Resorts, Las Vegas Sands – Shares of Wynn Resorts and Las Vegas Sands fell 1.2% and 1.8%, respectively, following Jefferies’ downgrades to hold on to the buy. The company said a takeover of Macau was already planned.
T-Mobile – The telecommunications giant added 2.6% on an upgrade to outperform its peers by Wolfe Research. The company said the stock’s recent underperformance opens up a buying opportunity.
Adobe – Shares gained 5.1% after the company announced it was offering its artificial intelligence tool, Firefly, to large enterprises. Adobe said it’s already working with “hundreds” of companies to explore how Firefly can reduce costs and increase efficiency.
HashiCorp – The software company saw its shares fall 23% after posting a loss of 7 cents per share in the first quarter, although that was less than the 14 cents per share loss expected by FactSet analysts. The company also reported a decline in net revenue retention, signaling a challenging macro environment and lengthening deal cycles and optimization.
Smartsheet – Smartsheet fell more than 18% after the software company said billings were $215.5 million, below a StreetAccount estimate of $217.1 million.
Oxford Industries – The clothing company, known for brands such as Lilly Pulitzer and Tommy Bahama, fell more than 9% after posting disappointing second-quarter and full-year guidance.
Trip.com – The online travel company saw its stock jump 5% after the company reported better-than-expected first-quarter results. Trip.com posted earnings per share of 43 cents, beating a StreetAccount estimate of 26 cents. Revenue of $1.29 billion also beat expectations of $1.13 billion.
– CNBC’s Yun Li, Alex Harring, Sarah Min, Michelle Fox and Tanaya Macheel contributed reporting.