Stock Groups

Carvana, GameStop, AMC, General Motors and more


You can see the top companies in Thursday’s midday trading.

Carvana — Shares of the online used car retailer popped nearly 30%Along with other highly-shorted stock, FactSet reports that nearly 29% are outrightly shorted in Carvana’s shares. Recently, the company was subject to negative Wall Street sentiment, including downgrades by Morgan Stanley, Wells Fargo and Stifel.

Tapestry — Shares soared 15.9% after the luxury company behind Coach and Kate Spade reported that it expects Covid-related shutdowns in China to ease in June. Tapestry also posted an adjusted quarterly loss of 51 cents per shares, exceeding a consensus estimate from Refinitiv.

GameStop, AMC Entertainment — Two of the main players in last year’s meme trade were surging again on Thursday. AMC shares rose 7.3% and GameStop was up 10.3%, respectively. AMC’s share price had risen significantly earlier in this session. Although there was not much news to report, traders were likely shorting stocks in order to cover their positions.

General Motors, Ford — The legacy auto stocks were under pressure on Thursday after Wells Fargo downgraded both to underweight from overweightThe company warned that electric vehicle production would lead to high prices, which could impact profits for many years. Ford suffered a 1.4% decline, and GM saw a 3.6% drop.

WeWork — Shares jumped 9.8% after the coworking space company posted its first-quarter results. WeWork lost 57 cents per share on $765 million in revenue. This was 37% less than the quarter before.

Rivian, Lucid — Shares of several several electric vehicle companies surged in midday trading in unexplained trading. Rivian stock rose 20.9% following Wednesday’s announcement by the electric vehicle maker that it will build 25,000 vehicles in this year’s fiscal year. a first-quarter lossThis was slightly lower than what analysts had expected. Lucid’s stock rose 12.3%

Sonos — Shares jumped 14.9% after the of high-end audio products maker reported better-than-expected revenue for its most recent quarter amid continued high demand. The quarter’s revenue was $399 million, which is higher than the $350 million Refinitiv predicted.

Synchrony Financial — Synchrony Financial’s stock price came under pressure following a downgrade from Wolfe Research. Research firm downgraded shares to underperformPeer perform says credit card stocks will continue to be under pressure due to recession risks. Shares dropped 5%.

Bumble — The dating app operator’s shares jumped 26.2% after the company reported $211.2 million in revenue for the first quarter, which exceeded analysts’ estimates of $208.3 million, according to Refinitiv. It also reported that it witnessed a 7.2% jump in the number of paying customers for quarter.

— CNBC’s Tanaya Macheel, Hannah Miao and Jesse Pound contributed reporting.