Pedestrians walk past a GameStop store in New York on December 23, 2021.
Scott Mill | CNBC
Check out the companies making headlines in midday trading on Thursday.
GameStop: Shares of the video game retailer rose more than 7% after the company revealed a new partnership with cryptocurrency exchange FTX in its quarterly update. GameStop plans to collaborate with FTX on e-commerce and online marketing initiatives. The rise in stock price came despite GameStop reporting declining sales and widening losses in the most recent quarter.
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Rivian Automotive: Shares in Rivian rose nearly 11% after the electric vehicle startup and Mercedes announced plans for a joint venture to build electric commercial vans for both brands in Europe. Production of the vehicles will be done on a shared assembly line to reduce costs and will start in a few years.
Advanced Micro Devices: Shares of the chip stock gained 4% after an upgrade from Stifel to a buy rating. The company said shares of Advanced Micro Devices could rise more than 50% in the future.
Asana: Shares of Asana jumped 24% after the work management-focused software company beat analysts’ earnings and revenue estimates for the previous quarter. Asana reported a narrower-than-expected loss of 34 cents per share. Revenue was $134.9 million, compared with estimates of $127.2 million, according to Refinitiv. The company’s revenue guidance for the third quarter was slightly ahead of estimates.
Regeneron: Shares of Regeneron rose 18.9% after the pharmaceutical stock posted positive trial results for a potential eye drug.
Snap – Shares of the social media company jumped more than 9% after the Verge reported that CEO Evan Spiegel broke down a turnaround plan in an internal memo. Spiegel said the company aims to grow Snapchat’s user base by 30% to 450 million by the end of next year. It also said it expects to grow revenue to $6 billion by 2023. Snap recently laid off 20 percent of its workforce.
Moderna: Moderna rose 4.7% after Deutsche Bank upgraded the stock to buy, saying strong performance in the biotech company’s most recent quarter points to a buying opportunity.
American Eagle Outfitters: Shares of American Eagle Outfitters sank 8.7% after earnings missed analysts’ expectations last quarter. Revenue fell in line with estimates, although the retailer warned of increased promotions.
Dave & Buster’s: Shares fell 14% after second-quarter earnings missed Street estimates. However, revenue slightly beat expectations and the company said its business has improved in the early stages of the third quarter.
– CNBC’s Michelle Fox, Sarah Min, Tanaya Macheel and Yun Li contributed reporting.
