A woman walks past the GameStop store inside the Susquehanna Valley Mall. An online group has skyrocketed the stock prices of GameStop (GME) and AMC Entertainment Holdings Inc. (AMC) in an attempt to pressure short sellers.
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Find out which companies are making the headlines in midday trading.
Costco – The retailer’s share price rose less than 1% after the company said same-store sales jumped 16% in March. Costco said online sales were up 57.7% year-over-year, while net sales for the month of retail March were $ 18.21 billion, from $ 15. $ 49 billion in the same period a year ago.
Constellation Brands – Shares of the spirits maker slipped 4% despite Constellation Brands breaking high and low estimates in the fourth quarter. The company earned $ 1.95 per share on $ 1.95 billion in revenue. Analysts polled by Refinitiv expected the company to earn $ 1.55 per share on $ 1.87 billion in revenue.
Box – Cloud company shares fell more than 8% after news of a new strategic investment of $ 500 million in convertible preferred shares of KKR, which will mainly be used for a stock buyback at auction in the Netherlands after the first quarter of fiscal 2022.
F5 Networks – Shares of the application and distribution network company slipped 0.01% after Credit Suisse demoted F5 Networks to neutral outperformance. The Wall Street firm said after F5 Network’s 20% rise this year, it no longer warranted a buy rating at its current valuation.
GameStop – The video game retailer’s share price fell about 0.2% after the company announced that Chewy co-founder Ryan Cohen would take on the role of chairman. Cohen currently sits on the board and has been pushing to change GameStop’s focus towards e-commerce.
WW International – Shares of the weight management services company fell about 5% after Morgan Stanley downgraded the stock to equal weight due to the overweight position. The Wall Street firm cited the stock’s massive surge over the past 12 months that pushed the price to around 5% of its price target.
Bilibili – Shares of the video streaming company rose more than 2% after Bilibili denied a Reuters report that he was in talks to buy a 24% stake in Yoozoo Games. Reuters previously reported that Bilibili would buy Yoozoo Games’ stake as well as its headquarters for around $ 765 million.
– CNBC’s Maggie Fitzgerald, Pippa Stevens and Jesse Pound contributed reporting.
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