An external view of the Party City store, which is closing its doors on July 8, 2020 in Pembroke Pines, Florida.
Johnny Louis | Getty Images
Check out the companies that are making headlines in the midday trade.
Intel – The chipmaker’s stock soared more than 8% after CNBC’s David Faber said CEO Bob Swan would step down from next month. Subsequently, the company confirmed the news. Intel has struggled in recent years, losing market share to competitors like AMD.
Airbnb – Vacation rental inventory increased more than 6% on Wednesday, building an 8.6% increase in the previous session. The stock had a volatile start to the year and is on its way to its sixth day, with a move of more than 3% in 2021. Airbnb said it is canceling and blocking future reservations in the Washington, DC metropolitan area, during the week of president -elect the inauguration of Joe Biden.
Zoom Video – Shares rose more than 7%, continuing their recovery from recent losses. The popular stay-at-home bet, which rose 395% in 2020, has experienced weakness in recent weeks as investors exited pandemic games on the rise. The shares fell nearly 30% in December. The videoconferencing company issued new shares to raise about $ 1.75 billion in cash on Wednesday. CNBC’s Jim Cramer said that Zoom is here to stay and that the recent downturn may be over.
GameStop – The company’s video shot more than 60% to a record high after the company announced that Chewy co-founder and former CEO Ryan Cohen is joining the board. Wednesday’s jump brought the weekly stock gain to date to over 80%.
Party City – Shares fell more than 14%, as the company gave a weak orientation for the fourth quarter at an investor conference. The retail chain said the rapid increase in new cases of coronavirus had a greater than expected impact on consumer behavior, including reducing the size of social gatherings.
General Motors – Shares continued to rise after the company unveiled several new projects earlier this week, including an electric bus and a flying car. Nomura Instinet updated the stock to buy from neutral and praised its electric vehicle strategy. The shares gained almost 12% this week alone.
Urban Outfitters – The retailer fell 6% after announcing that sales in the two-month period ending on December 31 were down 8.4% year on year. The company also announced the departure of CEO Trish Donnelly as of January 31.
Target – The stock moved to a new historic high on Wednesday, before returning those gains and trading around 1% below. The move came after Target said same-store sales grew 17.2% during the holiday, with online sales more than doubling in November and December.
KB Home – The home builder recovered more than 5% after KB Home reported better-than-expected quarterly earnings. KB Home reported earnings of $ 1.12 per share on revenue of $ 1.19 billion. Analysts had expected earnings of 93 cents per share on revenue of $ 1.14 billion, according to Refinitiv.
Exxon Mobil – The energy giant’s shares rose more than 1% after JPMorgan raised its shares from neutral to overweight. The company said Exxon’s dividends are safe, echoing Morgan Stanley’s sentiment for its Exxon update on Monday.
Twitter – Social media shares jumped more than 2% after MKM Partners upgraded the company to buy from the neutral company, saying it is about to leave behind the negative feeling of the pandemic and politics. Shares fell more than 11% in the new year, as Twitter and other companies intensify their efforts to free their content services that could lead to violence, such as the insurgency events on Capitol Hill. Twitter has permanently suspended President Donald Trump’s account.
– Maggie Fitzgerald, Jesse Pound, Pippa Stevens and Fred Imbert of CNBC contributed to the report.
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