Check out the companies making headlines in midday trading: Broadcom — Shares added 5% following a report from The Information that the semiconductor manufacturer was assisting Apple in creating an artificial intelligence chip. Shares of Apple traded less than 1% higher. C3.ai — The enterprise artificial intelligence software company shed 7.2% following a downgrade to underweight from neutral at JPMorgan. Analyst Pinjalim Bora cited a stretched valuation as the catalyst behind the change, adding that he now expects the stock to underperform in 2025. Macy’s — Shares sank more than 4% after the department store chain cut its fiscal-year forecast . Macy’s now expects adjusted earnings per share between $2.25 and $2.50, compared to its previous outlook of between $2.34 and $2.69. GE Vernova — Shares of the energy equipment maker jumped more than 6% after announcing it would initiate a dividend of 25 cents per share and an initial $6 billion share repurchase authorization. GE Vernova also raised its 2028 margins estimate to 14% from 10%. Dave & Buster’s Entertainment — The arcade and dining operator plunged 15.1% after missing expectations for earnings and revenue, and announcing CEO Chris Morris was leaving. Dave & Buster’s posted a loss of 84 cents per share on revenue of $453 million for the third quarter. Analysts surveyed by LSEG anticipated a loss of 37 cents per share and $466 million in revenue. Duolingo — Shares dropped 5.5% after Bank of America downgraded the language learning company to neutral from buy. The bank said Duolingo already appears to be trading at “peak valuation” and said it might be difficult for the company to beat consensus estimates for its next quarterly report. GameStop — The meme stock shot up more than 9% after the video game retailer swung to an unexpected profit in the latest quarter. GameStop reported net income of $17.4 million in the third quarter, compared with a net loss of $3.1 million during the same period last year. Patterson — The dental and animal health company soared 34% on the back of news that Patterson would be acquired by Patient Square Capital . The health-care investment firm will pay $31.35 per share, and the deal is expected to close in the fourth quarter of Patterson’s 2025 fiscal year. Stitch Fix — Shares surged 44% after the online personal styling company raised its fiscal second-quarter revenue outlook. The company also raised the top end of its full-year revenue guidance and expects between $1.14 billion and $1.18 billion, up from its previous estimate of between $1.11 billion and $1.16 billion. General Motors — The Detroit automaker shed 1.5% after exiting its Cruise robotaxi service , into which it had previously funneled more than $10 billion. General Motors said it would no longer fund development, citing an increasingly competitive market and capital allocation priorities as reasons for the decision. Bausch + Lomb — Shares plummeted 13% after Citi downgraded the contact lens supplier to neutral from buy. The bank cited increased competition as a reason for the downgrade. Wolverine World Wide — Shares gained 6% after Stifel upgraded the company , which owns the Merrell and Saucony shoemaker brands, to buy from hold. The firm said Wolverine World Wide’s earnings growth potential appears compelling and that next year is an “inflection year” for the stock. JetBlue — The airline advanced nearly 5% after revealing plans to add domestic first-class seats to planes that do not have the existing top-tier Mint class, beginning in 2026. This is the latest initiative to appeal to premium customers in JetBlue’s long-term plan back to profitability. Figs — The medical apparel maker surged 16% after The Wall Street Journal reported Figs received a takeover bid from Story3 Capital Partners. The private equity firm valued the company at more than $1 billion and offered $6 each for the common shares outstanding of Figs it did not already own, the Journal reported. Krispy Kreme — Shares fell 2% after the doughnut chain disclosed in a regulatory filing a cybersecurity breach that disrupted its operations, including online ordering in the U.S. Pharmacy benefit managers — Shares of CVS Health , UnitedHealth and Cigna each declined about 5% after lawmakers introduced a Senate bill that would prohibit companies that own health insurers or PBMs from owning pharmacy businesses. The bill would force those companies to divest from pharmacy businesses within three years. — CNBC’s Michelle Fox, Alex Harring, Hakyung Kim, Yun Li, Sarah Min and Pia Singh contributed reporting.
https://www.cnbc.com/2024/12/11/stocks-making-the-biggest-moves-midday-avgo-gev-sfix-gme.html
