AFRM, WBD, SFIX, CPB
Check out the companies making the biggest moves midday.
Affirm — Shares of the payments company surged 6% after Affirm and Amazon announced a new compatibility feature. Affirm's Adaptive Checkout, which offers customers pay-over-time plans, will now be a payment option through merchants offering Amazon Pay.
Stitch Fix — The stock soared about 32% after the online personalized styling service company reported a narrower-than-expected loss for the fiscal third quarter. Stitch Fix posted a loss of 19 cents per share, compared with the 30-cent loss per share anticipated by analysts, according to Refinitiv. Revenue also beat expectations.
Warner Bros. Discovery — Shares popped 5% following the announcement CNN CEO Chris Licht is leaving the company after a tumultuous reign of just over a year.
Dave & Buster's — Shares of the entertainment giant jumped 18% a day after Dave & Buster's posted a beat on earnings. The company reported first-quarter earnings of $1.45 per share, while analysts polled by Refinitiv called for $1.24 per share. Revenue fell short of expectations, however, coming in at $597 million, versus the $602 million estimated by Wall Street.
GameStop — The meme stock added 3.6% ahead of its quarterly results following Wednesday's close. Analysts polled by FactSet are forecasting a quarterly loss of 15 cents per share.
Petrobras — Shares gained 2% after Morgan Stanley upgraded the Brazilian oil giant to overweight from equal weight. The Wall Street firm said Petrobras could deliver a larger dividend to investors this year than it has historically.
Tesla — Shares added 1.5% after the electric vehicle maker posted an update on its website that showed new Model 3 and Model Y cars are eligible for a $7,500 tax credit from the Inflation Reduction Act.
Yext — Shares of the online marketing firm soared more than 38% in midday trading due to an earnings beat. On Tuesday, the company reported an adjusted 8 cents per share on $99.5 million in revenue, while analysts forecast 5 cents and $98.5 million, according to FactSet.
Super Micro Computer — The chip stock added 2% after Rosenblatt initiated coverage with a buy rating and $300 price target, which implies nearly 29% upside from Tuesday's close. The Wall Street firm called Super Micro Computer a top artificial intelligence beneficiary.
Campbell Soup — Shares fell more than 7% after the company reaffirmed its full-year guidance of $2.95 to $3.00 for adjusted earnings per share, below the $3.01 expected from analysts polled by StreetAccount. However, its fiscal third-quarter earnings topped estimates, while revenue was in line.
Mobileye Global — The autonomous vehicle technology stock added about 4% after Canaccord Genuity initiated coverage with a buy rating. The Wall Street firm called Mobileye a sustainable play that will also improve supply chains.
Coinbase — The crypto exchange gained 2.7%, after losing 12% in the previous session. The U.S. Securities and Exchange Commission sued Coinbase on Tuesday, alleging the company was operating as an unregistered exchange and broker. Ark Invest's Cathie Wood snapped up shares after the news Tuesday.
— CNBC's Jesse Pound, Brian Evans and Darla Mercado contributed reporting.
Source: CNBC
