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Lanon Wee

Biggest Stock Market Movers During the Day: GameStop, Amazon, Carvana, and Others



At midday, several stocks have drawn attention. GameStop saw its meme stock tumble nearly 18% following the company's sudden termination of CEO Matthew Furlong and appointment of Ryan Cohen as executive chairman. Amazon stock climbed 2.5% after Wells Fargo gave it an optimistic outlook, suggesting it could rise more than 30% as it transitions to its regional fulfillment model. Carvana's shares rose 56% when it forecasted non-GAAP total gross profit per unit in the second quarter to surpass $6,000. Signet Jewelers, however, decreased 10.7% due to macroeconomic pressures and their downward revision of the full-year outlook. Wolfe Research downgraded Fisker to underperform, contributing to a 7.7% drop in shares, and Warner Bros. Discovery surged 7% in the wake of CNN CEO Chris Licht's departure. Jefferies downgraded Wynn Resorts and Las Vegas Sands to hold, yet T-Mobile soared 3% after an upgrade to outperform by Wolfe Research. Adobe jumped 5% when it announced the launch of its artificial intelligence tool, Firefly, to help businesses reduce costs and increase efficiency. HashiCorp's stock plunged 25.9% after posting a narrower-than-expected loss but a drop in net revenue retention, and Smartsheet stock fell 17.5% due to its below-prediction billings. Oxford Industries dropped 6% after offering a disappointing second-quarter and full-year guidance, while Trip.com's shares rose 5.4% after it reported better-than-expected first-quarter results. –CNBC's Yun Li, Alex Harring, Sarah Min, Michelle Fox, and Tanaya Macheel contributed to this report.

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