Carvana, GameStop, AMC, General Motors and more

Check out the companies making headlines Thursday at noon.

Carvana – Shares of the online used-car retailer jumped nearly 30%, alongside other heavily shorted stocks. Nearly 29% of Carvana shares available for trading are sold short, according to FactSet. The company has faced negative sentiment on Wall Street recently, with downgrades this month from Stifel, Morgan Stanley and Wells Fargo.

Tapestry – Shares soared 15.9% after the luxury company behind Coach and Kate Spade announced it expects Covid-related shutdowns in China to ease in June. Tapestry also reported adjusted quarterly earnings of 51 cents per share, which beat a consensus estimate from Refinitiv.

GameStop, AMC Entertainment – ​​Two of the biggest players in the meme business of last year rose again on Thursday. Shares of GameStop and AMC rose 10.3% and 7.3%, respectively, and had risen much earlier in the session. There was no obvious news driving the moves and this may be partly due to traders who were short on the stock covering their positions.

General Motors, Ford – Legacy auto stocks were under pressure on Thursday after Wells Fargo downgraded the two to an overweight underweight, warning that high costs of producing electric vehicles will hurt profits in years to come. Ford lost 1.4%, while GM fell 3.6%.

WeWork – Shares jumped 9.8% after the coworking space company reported its first quarter results. WeWork reported an adjusted earnings-per-share loss of 57 cents on revenue of $765 million. This loss was 37% lower than the previous quarter.

Rivian, Lucid — Shares of several electric vehicle companies surged in midday trading in unexplained trading. Rivian’s share price soared 20.9% after the electric vehicle maker said on Wednesday it was on track to build 25,000 vehicles this year, as well as a slightly lower first-quarter loss. lower than analysts’ expectations. Lucid’s share price jumped 12.3%.

Sonos – Shares jumped 14.9% after the high-end audio maker reported better-than-expected revenue for its latest quarter amid continued strong demand. Revenue for the quarter was $399 million, versus Refinitiv’s forecast of $350 million.

Synchrony Financial – Synchrony Financial’s share price came under pressure following a downgrade by Wolfe Research. The research firm downgraded the stocks for underperforming their peers, saying credit card stocks will come under continued pressure from recession risks. The shares fell 5%.

Bumble – Shares in the dating app operator jumped 26.2% after the company reported first-quarter revenue of $211.2 million, beating market estimates $208.3 million analysts, according to Refinitiv. The company also said it saw a 7.2% increase in paid users for the quarter.

– CNBC’s Tanaya Macheel, Hannah Miao and Jesse Pound contributed reporting.

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