Stocks making the biggest moves midday: Block, Deutsche Bank, GameStop, Activision and more
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Check out the companies making headlines in midday trading.
Block — Shares shed nearly 3%, after losing nearly 15% in the prior trading session when short seller Hindenburg Research alleged that Block facilitates fraud. Atlantic Equities downgraded the stock to hold on Friday, citing the lack of clarity on the payment company’s Cash App after Hindenburg’s short position.
GameStop — The famed meme stock gained 2.5% in midday trading. The stock has been active since it reported its first profitable quarter in two years earlier this week.
Deutsche Bank — The German lender’s U.S.-listed shares slid 5%, bouncing off its lows. The bank stock had been down about 14% after the bank’s credit default swaps jumped without an apparent catalyst. JPMorgan defended Deutsche Bank Friday, saying investors should focus on the European bank’s “solid” fundamentals.
Regeneron — Regeneron gained 2.2% after Jefferies upgraded the pharmaceutical stock to a buy from hold rating and said its Dupixent drug, in development with Sanofi, could serve as the next big catalyst for the company.
Wells Fargo and JPMorgan — Shares of commercial bank giants were lower in midday trading, with Wells Fargo pulling back 2.3% while JPMorgan fell 2.2%. Both stocks have been under pressure in line with broader financial sector turmoil this month.
Incyte — The pharmaceutical stock fell about 4% after Incyte announced that the Food and Drug Administration had informed the company that the regulator would not approve an application for a new blood cancer drug tablet in its current form.
Activision Blizzard and Microsoft — Shares jumped 5% after the U.K. Competiton and Markets Authority dropped some of its concerns with the potential purchase of the company by Microsoft. Microsoft shares were up 0.2%.
— CNBC’s Alexander Harring, Yun Li, Jesse Pound, Michelle Fox and Samantha Subin contributed to this report.