GameStop, a video game retailer, saw a significant increase in its shares by almost 23% after announcing that it made approximately $933 million from a stock sale.
Gambling Stocks
DraftKings and U.S.-traded shares of FanDuel parent company Flutter Entertainment experienced a decline of 10% and 7% respectively. This drop was attributed to the Illinois Senate approving the state's budget, including measures to increase taxes on sports betting.
U.S. Cellular saw a 7% increase in its shares after announcing that T-Mobile will acquire its wireless operations and 30% of its spectrum assets for $4.4 billion.
Shares of biopharma company Insmed surged by an impressive 105% following the announcement of positive results from the late-stage trial of its chronic lung disease drug candidate, brensocatib.
Agios Pharmaceuticals experienced a 21% increase in its shares after selling the rights to its 15% royalty on the brain cancer drug vorasidenib to Royalty Pharma for $905 million. The company will retain a 3% royalty on annual U.S. net sales exceeding $1 billion.
Duolingo's shares rallied by 8.7% after receiving an upgrade from JMP to outperform. The company's new subscription tier, Duolingo Max, and advancements in artificial intelligence were cited as potential drivers for future share price increases.
The medical technology company, Semler Scientific, experienced a surge of over 30% after adopting bitcoin as its primary treasury reserve asset and purchasing 581 bitcoins for approximately $40 million.
Nvidia, an artificial intelligence company, saw a 7% increase in its shares following a positive quarterly earnings report. It was reported that Elon Musk's AI startup xAI, which recently raised $6 billion, plans to build a new supercomputer.
Following an upgrade to buy from neutral at Mizuho, Norwegian Cruise Line's stock rose by 3%. The investment firm highlighted an improved earnings outlook and potential benefits from changing sentiment around the stock.
Sarepta Therapeutics, a biopharma company, experienced a 9% decline after being downgraded by RBC Capital Markets. The firm cited less compelling stock setup amid growing expectations for the FDA's gene therapy label expansion.
Share prices of Sea Limited dropped by nearly 5% after Indonesia's antitrust regulator announced an investigation into the company's e-commerce platforms Shopee and Lazada for possible violations of anticompetition rules.
Atlantica Sustainable Infrastructure saw a decline of 5% after agreeing to be acquired by Energy Capital Partners and co-investors for $22 per share in cash.
Zscaler
Zscaler, a cybersecurity company, experienced a 4% drop following a downgrade at Wells Fargo to equal weight from overweight due to mounting competitive pressures.
Airbnb's stock rose by 1% after being upgraded by Wedbush to outperform. The firm highlighted Airbnb's recent underperformance as an attractive entry point, driven by strong travel demand.
Shares of Elanco Animal Health, formerly a part of Eli Lilly, added 1% after the FDA confirmed that its Bovaer methane-reducing feed ingredient met safety and efficacy requirements.
Various companies in the stock market experienced significant movements midday, driven by a combination of company-specific news, industry developments, and analyst opinions. It is essential for investors to stay informed and conduct thorough research before making investment decisions based on these fluctuations.