GameStop's stock soars while PacWest shares tumble, and other stocks on the move
By Steve Goldstein and Tomi Kilgore
AMC, Bed Bath & Beyond share get a GameStop boost, Virgin Orbit's stock rockets
Here were some of the more active stocks in midday trading Wednesday, as investors waited for the Federal Reserve to announce its latest interest rate decision.
GameStop shares (GME) jumped 43% as the gaming retailer unexpectedly posted a profit in the fourth quarter on nearly flat sales.
Virgin Orbit Holdings Inc. shares (VORB) jumped 51% as it said it would start an incremental resumption of operations. Reuters reported that the venture-capital investor Matthew Brown is near a deal to make a $200 million investment in the struggling satellite launcher.
Nvidia Corp.'s stock (NVDA) hiked up 3.3% in the wake of the semiconductor maker's meeting with analysts at its annual developers gathering, in which Founder and Chief Executive Jensen Huang said his company's deal with Alphabet Inc.'s (GOOGL) Google is a "very big event" that will serve to launch its own artificial-intelligence (AI) hardware and software products, helping others build out the technology.
Carvana Co.'s stock (CVNA) climbed 22% after the car retailer provided a downbeat sales outlook, but also announced a bond exchange.
89bio Inc. shares (ETNB) surged 31% after the biopharmaceutical company said its experimental treatment for nonalcoholic steatohepatitis (NASH) led to NASH resolution compared with placebo in a Phase 2b clinical trial. 89bio said it plans to move the drug into Phase 3 research.
Ollie's Bargain Outlet Holdings Inc. shares (OLLI) advanced 7.4% after the retailer of closeout merchandise and excess inventory reported better-than-expected fiscal fourth-quarter results and provided an upbeat outlook, as margins improved despite a "highly promotional" environment.
Nike Inc. shares (NKE) slumped 1.8%. The athletic apparel maker late Tuesday topped fiscal third-quarter earnings and sales estimates but said margins would fall to the low end of its forecasts.
Shares of PacWest Bancorp(PACW) sank 10% after the regional bank disclosed a drop in deposits since the start of the year and canceled plans to raise capital after successfully lining up loans from a private investor as well as the federal government. Among other regional bank stocks that have seen volatile trading recently, First Republic Bank's (FRC) fell 5.2%.
Petco Health & Wellness Co. Inc.'s stock (WOOF) tumbled 14% as the pet food and health products company's fourth-quarter earnings lagged estimates and it offered soft guidance for the current year.
Shares of Digital World Acquisition Corp., the special-purpose acquisition company (SPAC) that is looking to take Donald Trump's social media platform Truth Social public, dropped 2.3% after the company said it "terminated" Chairman and Chief Executive Patrick Orlando after roughly 18 months in the roles, while naming current member of the board of directors Eric Swider as interim CEO.
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
March 22, 2023 12:39 ET (16:39 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.