Check out the companies making the biggest moves midday: GameStop — Shares jumped nearly 23% following the video game retailer’s announcement on Friday that it made about $933 million from a stock sale. Gambling stocks — DraftKings and U.S.-traded shares of FanDuel parent Flutter Entertainment shares fell 10% and 7%, respectively. Illinois Senate approved the state’s budget over the weekend, which includes a measure that would raise taxes on sports betting, implementing a progressive tax rate for sports-betting companies based on their revenue. U.S. Cellular — Shares added 7% after the telecom company announced T-Mobile will acquire its wireless operations and 30% of spectrum assets for $4.4 billion. The deal is expected to close midway through next year. T-Mobile was up less than 1%, while Telephone & Data Systems , which owns 84% of U.S. Cellular, slipped 2%. Insmed — The stock soared nearly 105% after the biopharma company announced results of its late-stage trial for its chronic lung disease drug candidate, brensocatib . The study found the drug significantly reduced the annualized rate of pulmonary exacerbations in non-cystic fibrosis bronchiectasis. Insmed plans to file for FDA approve in the fourth quarter. Agios Pharmaceuticals —Shares popped 21% after Agios said it will sell the rights to its 15% royalty on brain cancer drug, vorasidenib, to Royalty Pharma RPRX-US for $905 million. The company said it will retain a 3% royalty on annual U.S. net sales greater than $1 billion. Duolingo — Shares rallied 8.7% following an upgrade from JMP to outperform. The firm thinks Duolingo Max, the e-learning company’s new subscription tier, and artificial intelligence tailwinds could drive shares higher. Semler Scientific – The medical technology stock surged more than 30% after the company said it has adopted bitcoin as its primary treasury reserve asset, taking a page out of MicroStrategy’s playbook. Semler also announced the purchase of 581 bitcoins for about $40 million. Nvidia — The artificial-intelligence darling advanced 7%, continuing its rally after the chipmaker’s quarterly earnings report last Wednesday. On Saturday, The Information reported Elon Musk’s AI startup xAI, which recently raised $6 billion, plans to build a new supercomputer. Norwegian Cruise Line — The cruise stock rose 3% after an upgrade to buy from neutral at Mizuho. The investment firm said that Norwegian has an improved outlook for earnings growth and could benefit from a change in sentiment around its stock, which has been a popular target for short sellers. Sarepta Therapeutics — The biopharma stock sank 9% after being downgraded by RBC Capital Markets to sector perform from outperform. The firm said the setup for the stock, which is up about 28% so far this year, looks less compelling amid growing expectations for Food and Drug Administration’s label expansion of gene therapy Elevidys. RBC senses a slightly more tempered message from the agency. Sea Limited — Shares dropped nearly 5%. Reuters reported that Indonesia’s anti-trust regulator said it is investigating Sea Limited’s e-commerce platforms Shopee and Lazada for possible violations of anti-competition rules. Atlantica Sustainable Infrastructure — Shares fell 5% after the company agreed to be acquired by Energy Capital Partners and co-investors for $22 per share in cash. Zscaler — The cybersecurity company shed nearly 4% following a downgrade at Wells Fargo to equal weight from overweight. The bank cited mounting competitive pressures for the call. Airbnb — The short-term rental company’s stock rose 1% after being upgraded by Wedbush to outperform. The firm said Airbnb’s recent underperformance provides an attractive entry point, citing strong travel demand. Elanco Animal Health — Shares of the animal health care company, formerly a part of Eli Lilly, added 1%. The FDA said its Bovaer methane-reducing feed ingredient met safety and efficacy requirements. —CNBC’s Tanaya Macheel, Pia Singh, Hakyung Kim and Jesse Pound contributed reporting.
https://www.cnbc.com/2024/05/28/stocks-making-the-biggest-moves-midday.html
