Stocks making the biggest moves midday: Intel, Zoom Video, Party City, Airbnb & more

Check out the firms making headlines in noon buying and selling. 

Intel — Shares of the chipmaker popped more than 8% after CNBC’s David Faber reported that CEO Bob Swan would step down from his post, effective next month. The firm later confirmed the information. Intel has been struggling in recent times, dropping market share to opponents equivalent to AMD.

Airbnb — The trip rental inventory jumped more than 6% on Wednesday, constructing off an 8.6% rise in the earlier session. The inventory has had a unstable begin to the yr and is on observe for its sixth day with a transfer of higher than 3% in 2021. Airbnb mentioned it’s canceling and blocking future reservations in the Washington, D.C., metro space throughout the week of President-elect Joe Biden’s inauguration.

Zoom Video — Shares popped more than 7%, persevering with their rebound from latest losses. The fashionable stay-at-home guess, which rallied 395% in 2020, skilled weak spot in latest weeks as traders rotated out of high-flying pandemic performs. The inventory fell almost 30% in December. The video conferencing firm issued new shares to boost about $1.75 billion in money Wednesday. CNBC’s Jim Cramer said Zoom is here to stay and the stock’s recent pullback may be over.

GameStop — The video got here firm soared more than 60% to a document after the firm introduced Chewy co-founder and former CEO Ryan Cohen is becoming a member of the board. Wednesday’s soar introduced the inventory’s week to-date-gain to more than 80%.

Party City —  Shares tumbled more than 14% as the firm gave weak steering for its fourth quarter at an investor convention. The retail chain mentioned the fast surge in new coronavirus circumstances had a greater-than-expected affect on client conduct together with decreased measurement of social gatherings.

General Motors — Shares continued to maneuver larger after the firm revealed a number of new initiatives earlier this week, together with an electrical shuttle and a flying automobile. Nomura Instinet upgraded the inventory to purchase from impartial and praised its electrical car technique. The inventory has gained almost 12% this week alone.

Urban Outfitters – The retailer slid 6% after it said sales for the two-month period ending Dec. 31 declined 8.4% year over year. The firm additionally introduced the departure of CEO Trish Donnelly efficient Jan. 31.

Target – Shares superior to a brand new all-time excessive on Wednesday, earlier than giving again these positive aspects and buying and selling about 1% decrease. The transfer got here after Target mentioned same-store sales grew 17.2% over the holidays, with on-line gross sales more than doubling in November and December.

KB Home — The house development firm rallied more than 5% after KB Home reported better-than-expected quarterly earnings. KB Home reported earnings of $1.12 per share on income of $1.19 billion. Analysts have been anticipating earnings of 93 cents per share on income of $1.14 billion, based on Refinitiv.

Exxon Mobil — Shares of the vitality large rose more than 1% after JPMorgan upgraded the stock to overweight from neutral. The agency mentioned Exxon’s dividend is protected, echoing Morgan Stanley’s sentiment from its improve of Exxon on Monday.

Twitter — The social media inventory jumped more than 2% after MKM Partners upgraded the company to buy from neutral, saying it is poised to depart damaging sentiment stemming from the pandemic and politics behind. The inventory is down more than 11% in the new yr as Twitter and different firms step up their efforts to rid their providers of content material that might result in violence like the occasions of the insurgency at the Capitol. Twitter has completely suspended President Donald Trump’s account.

— CNBC’s Maggie Fitzgerald, Jesse Pound, Pippa Stevens and Fred Imbert contributed reporting.

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