Stocks making the biggest moves midday: GameStop, Dexcom, Cano Health and more

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Traders work on the trading floor at the New York Stock Exchange (NYSE) below GameStop signage in New York, August 8, 2022.
Andrew Kelly | Reuters

Check out the companies making headlines in midday trading Thursday.

GameStop —  Shares of the video game retailer and meme stock jumped more than 8% even after the company reported a wider-than-expected loss for the third quarter. CEO Matthew Furlong told investors the company “is attempting to accomplish something unprecedented in retail … seeking to transform a legacy business once on the brink of bankruptcy,” in a call Wednesday.

Dexcom — The maker of glucose monitoring systems for diabetes management saw its shares rise 4.6% after announcing the U.S. Food and Drug Administration has cleared its G7 device for people with all types of diabetes ages two years and older. Dexcom expects the devices to launch in the U.S. early next year.

Cano Health — Shares of the primary care provider for seniors shed 19.8% after Bloomberg reported that Daniel Loeb’s Third Point sold its remaining stake due to concerns about liquidity. The hedge fund owned a 3.5% position in October.

Ciena — Shares of Ciena surged 19.8% after the maker of networking equipment reported better-than-expected fiscal fourth-quarter results. The company also said it sees “outsized” revenue growth in fiscal 2023.

DigitalOcean Holdings — Shares rose 6.1% after Needham initiated the stock as a buy and said it expects its consumption-based model and initiatives “to land larger customers and better mine the market opportunity.” It also said the cloud infrastructure company’s managed services offerings can help its revenue growth in the medium-term.

Express — The apparel retailer rallied more than 38% after announcing a strategic partnership with brand management firm WHP Global. CEO Tim Baxter said the partnership will “drive greater scale and profitability” and strengthen its balance sheet

PVH — The Tommy Hilfiger parent added 2.7% after UBS named the company a top pick. UBS said it was one of the most likely to beat expectations in earnings next year from a list of about 40 stocks, while also saying it had faith in its business transformation plan. — Shares gained more than 7% after surpassed estimates in its latest earnings report. The enterprise artificial intelligence software company reported a loss of 11 cents per share on revenue of $62.4 million. Analysts polled by Refinitiv were forecasting a loss of 16 cents per share on revenue of $60.9 million.

Lincoln National — Shares dropped 10.1% following commentary that Lincoln National would pause buybacks in 2023 during a presentation at the Goldman Sachs Financial Services Conference, according to FactSet’s StreetAccount.

— CNBC’s Sarah Min, Carmen Reinicke, Yun Li, Alex Harring and Michelle Fox contributed reporting

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