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Check out the companies making headlines in midday trading.
GameStop — The meme stock tumbled nearly 18% after the company fired CEO Matthew Furlong and appointed Ryan Cohen as executive chairman, effective immediately. The company didn’t provide a reason for the termination.
Amazon — The e-commerce stock added 2.5% on the back of a bullish analyst call. Wells Fargo initiated coverage of Amazon with an overweight rating, saying shares could rally more than 30% as it transitions to its regional fulfillment model.
Carvana — Shares popped 56% after the online car seller issued an upbeat outlook for the second quarter. Carvana said it now expects non-GAAP total gross profit per unit to come in above $6,000 in the second quarter.
Signet Jewelers — Shares shed 10.7% after Signet Jewelers lowered its fiscal full-year outlook. The company cited increasing macroeconomic pressures weighing on the consumer.
Fisker — Shares dropped 7.7% after Wolfe Research on Thursday downgraded Fisker to underperform from peer perform. Analyst Rod Lache said he questions Fisker’s competitiveness, as the automaker attempts to build its business in “some of the most highly saturated industry segments.”
Warner Bros. Discovery — The media stock gained nearly 7%, building on a more than 6% gain in the previous session after the departure of CNN CEO Chris Licht.
Wynn Resorts, Las Vegas Sands — Shares of Wynn Resorts and Las Vegas Sands dipped 0.2% and 1.2%, respectively, following downgrades by Jefferies to hold from buy. The firm said a Macao recovery is already priced in.
T-Mobile — The telecommunications giant added 3% following an upgrade to outperform from peer perform by Wolfe Research. The firm said the stock’s recent underperformance opens a buying opportunity.
Adobe — Shares gained 5% after the company announced it is offering its artificial intelligence tool, Firefly, to large business customers. Adobe said it is already working with “hundreds” of companies to explore how Firefly can reduce costs and drive efficiencies.
HashiCorp — The software company saw its shares slide 25.9% after it posted a loss of 7 cents per share for the first quarter, though that was narrower than the 14-cent-per-share loss expected by FactSet analysts. The firm also reported a drop in net revenue retention, flagging a difficult macro backdrop and lengthening deal cycles and optimization.
Smartsheet — Smartsheet tanked more than 17.5% after the software company said billings came in at $215.5 million, falling short of a StreetAccount estimate of $217.1 million.
Oxford Industries — The apparel company, known for brands such as Lilly Pulitzer and Tommy Bahama, dropped nearly 6% after issuing disappointing second-quarter and full-year guidance.
Trip.com — The online travel company saw its stock jump 5.4% after the firm reported better-than-expected first-quarter results. Trip.com posted earnings per share of 43 cents, beating a StreetAccount estimate of 26 cents. Revenue of $1.29 billion also came above an expectation of $1.13 billion.
— CNBC’s Yun Li, Alex Harring, Sarah Min, Michelle Fox and Tanaya Macheel contributed reporting.