Stocks making the biggest moves midday: GameStop, Carnival, General Mills and more

Market Insider

A logo of GameStop seen in Stephen’s Green Shopping Centre in Dublin.
Artur Widak | NurPhoto | Getty Images

Check out the companies making headlines in midday trading.

GameStop — Shares of the brick-and-mortar retailer tanked 17% after failing to give investors enough details about its turnaround plan and acknowledging in a filing that it was considering selling additional equity shares. GameStop also missed on the top and bottom lines of its quarterly results on Tuesday.

Dave & Buster’s — The entertainment and arcade company’s shares popped more than 4% after Raymond James reiterated its strong buy rating ahead of Dave & Buster’s earnings report. The Wall Street firm said it sees an “attractive” entry point after the stock’s recent pullback.

American Airlines, Norwegian Cruise Line — Stocks that hinge on the economy reopening rose on Wednesday after getting knocked in the previous session on fears about the recovery. Shares of American Airlines rose more than 2%, while United Airlines climbed nearly 3%. Carnival rose 5%, while Norwegian Cruise Line and Royal Caribbean jumped more than 4%.

General Mills – Shares of the food company dipped more than 5% after General Mills missed earnings estimates during the third quarter. The company earned 82 cents per share excluding items, compared to the 84-cent profit analysts surveyed by Refinitiv were expecting. Revenue did, however, beat estimates, coming in at $4.52 billion compared to the expected $4.45 billion.

Bank of New York Mellon – The bank stock popped more than 3% after Bank of America upgraded the shares two notches to buy from underperform. The Wall Street firm said Bank of New York Mellon will benefit from an improving revenue and earnings outlook, as well as an attractive valuation.

AMC Entertainment – Shares of the movie chain slid more than 4% after Disney said it is pushing back the release of “Black Widow” from May 7 to July 9. The movie, along with “Cruella,” will also be available on Disney+ for an additional rental fee. AMC shares are down more than 26% so far this week.

FedEx – Shares of the shipping giant rose nearly 2.5% after Barclays named FedEx a top pick. The firm said in a note to clients that it expects the company’s cash flow to improve in the quarters ahead after years of investing those proceeds back into the delivery network.

Winnebago –The recreational vehicle stock fell more than 2% on Wednesday despite a better-than-expected fiscal second-quarter report. Winnebago earned $2.12 per share on $840 million of revenue. Analysts surveyed by Refinitiv were looking for $1.42 per share and $805 million of revenue. The company’s deliveries of its “class A” units did decline year over year even as total deliveries grew.

Adobe – Shares of the computer software company slid 1% despite beating first-quarter earnings estimates and raising its fiscal 2021 outlook. Adobe raised its revenue guidance for fiscal 2021 to $15.45 billion, up from previous guidance of $15.15 billion. The company also raised its fiscal 2021 earnings per share guidance from $11.20 to $11.85.

Estee Lauder – The beauty retailer’s shares ticked up 3% after Wells Fargo upgraded Estee Lauder to overweight from equal weight ahead of its third-quarter report. The Wall Street firm said Estee Laurder’s long-term sales and margin potential was “attractive.”

Steelcase  – Shares of the office furniture maker fell less than 1% after the company issued a weaker-than-expected projection as demand for office products continues to be weak. Steelcase reported earnings per share of 6 cents for the last quarter, beating Refinitiv estimate of a 1-cent loss. Its revenue also came in above expectations.

— with reporting from CNBC’s Yun Li, Pippa Stevens, Jesse Pound and Rich Mendez.

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