Carvana, GameStop, AMC, General Motors and more

Carvana, GameStop, AMC, General Motors and more

Check out the companies making headlines on Thursday afternoon.

Carvana — Shares of the online used-car retailer fell nearly 30% along with other sharply trimmed stocks. According to FactSet, nearly 29% of Carvana shares available for trading are shorted. The company has faced negative sentiment on Wall Street of late, with downgrades this month from Stifel, Morgan Stanley and Wells Fargo.

Tapestry – Shares rose 15.9% after the luxury company behind Coach and Kate Spade said it expects Covid-related closures in China to ease in June. Tapestry also reported adjusted quarterly earnings of 51 cents per share, beating a consensus estimate from Refinitiv.

GameStop, AMC Entertainment — Two of the major players in the meme trade of the last year were back on the rise Thursday. GameStop and AMC shares were up 10.3% and 7.3%, respectively, and were up significantly more at the start of the session. There was no obvious news driving the moves, which could be due in part to traders shorting the stocks covering their positions.

General Motors, Ford – Legacy auto stocks came under pressure on Thursday after Wells Fargo downgraded both to underweight from overweight and warned that the high cost of manufacturing electric vehicles would hurt gains in the coming years. Ford lost 1.4% while GM lost 3.6%.

WeWork — Shares rose 9.8% after the coworking spaces company released its first-quarter results. WeWork reported adjusted earnings per share of 57 cents on revenue of $765 million. This loss was 37% lower than the previous quarter.

Rivian, Lucid – Shares of several electric vehicle companies rose in unsettled trading in midday trade. Rivian’s share price rose 20.9% after the electric vehicle maker announced on Wednesday it is on track to build 25,000 vehicles this year and posted a first-quarter loss that was slightly smaller than analysts expected. Lucid’s stock price rose 12.3%.

Sonos — Shares rose 14.9% after the maker of high-end audio products reported better-than-expected earnings for the latest quarter amid continued strong demand. Revenue for the quarter was $399 million compared to a Refinitiv guidance of $350 million.

Synchrony Financial — Synchrony Financial’s stock price came under pressure after a downgrade by Wolfe Research. The research firm downgraded the shares to underperforming peers and said credit card stocks will face continued pressure from recession risks. Shares fell 5%.

Bumble — Shares of the dating app operator rose 26.2% after the company reported first-quarter revenue of $211.2 million, beating analysts’ estimates of $208.3 million, according to Refinitiv -dollars surpassed. The company also said it saw a 7.2% increase in paying users for the quarter.

– CNBC’s Tanaya Macheel, Hannah Miao and Jesse Pound contributed coverage.

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