Stocks making the biggest moves midday: Oklo, Chewy, Quantum Computing, GitLab and more
Check out the companies making the biggest moves midday: Oklo — The advanced reactor company surged more than 25% after receiving a notice that it will likely win an award to power an Air Force base. Oklo would deploy one of its Aurora powerhouse plants at Eielson Air Force Base in Alaska. The award is not finalized and Oklo’s reactor design has not been approved by the Nuclear Regulatory Commission yet. GameStop — Shares slipped nearly 5% after GameStop posted first-quarter revenue of $732.4 million, down from the $881.8 million figure seen in the same period a year prior. Bread Financial — The fintech’s stock jumped 5% as key credit indicators showed improvement in May. The company’s net loss rate fell to 8.0% from 8.8% in May 2024, while its delinquency rates also improved, easing to 5.7% in May from 5.9% a year ago. Tesla — The electric vehicle maker rose 1%, on track for its fourth straight winning day. Shares cratered last week following CEO Elon Musk’s online feud with President Donald Trump. Musk said on Wednesday that he regrets some of the social media posts he made regarding Trump. The stock also got a bump after Musk touted the company’s robotaxis overnight. Chewy — The pet-focused e-commerce retailer tumbled 10% after posting 15 cents in earnings per share for the first quarter, missing the consensus forecast of 20 cents from analysts polled by LSEG. On the other hand, Chewy saw $3.12 billion in revenue, exceeding Wall Street’s prediction of $3.08 billion. Quantum computing — Quantum computing stocks advanced after Nvidia CEO Jensen Huang said at a developers conference that the space was reaching an inflection point . Shares of Quantum Computing surged 24%, while Rigetti Computing soared about 17%. Lockheed Martin — The defense contractor slumped about 5% after the Pentagon cut its request for new F-35 fighter jets in half, to 24 planes from 48, according to Reuters, citing news first reported by Bloomberg. Sunrun — The solar stock dropped nearly 3% after a Jefferies downgrade to underperform from hold. Jefferies said the company could face headwinds if residential solar initiatives do not make the federal budget. Steel stocks — Shares of U.S. steelmakers dropped after Bloomberg and Reuters reported, citing sources, that the U.S. and Mexico are nearing a deal to remove Trump’s 50% tariffs on steel imports up to a certain volume. Cleveland-Cliffs fell more than 9%, while Nucor and Steel Dynamics dropped more than 5% and 2%, respectively. GitLab — The online software developer platform dropped more than 8% after the company issued a disappointing revenue forecast. GitLab sees second-quarter revenue ranging between $226 million and $227 million versus the LSEG consensus estimate of $227 million. Goldman Sachs — Shares advanced about 2% after Bank of America highlighted a rosy outlook for the investment bank. Analyst Ebrahim Poonawala noted that Goldman is well positioned to handle a shifting macroeconomic backdrop, saying it has the “proven DNA to adapt to an ever-changing world.” BofA has a buy rating on the stock and a $700 price target. Dave & Buster’s — Shares jumped more than 14% after the company’s comparable sales fell less than expected. “We are encouraged by what we are seeing so far in June as results month to date continue to improve,” Kevin Sheehan, interim CEO, said in a statement . This post has been syndicated from a third-party source. View the original article here.
