Here’s a look at the biggest movers at midday: GameStop Corp. — Shares rose 25.16% after the video game retailer said Friday it made about $933 million in profits from stock sales. Gambling Stocks — U.S.-listed shares of DraftKings and FanDuel parent Flutter Entertainment fell 10.29% and 7.73%, respectively. The Illinois Senate approved the state’s budget over the weekend, which includes a measure to increase taxes on sports betting and apply a progressive tax rate to sports betting companies based on revenue. U.S. Cellular — Shares rose 12.19% after the company announced that T-Mobile will acquire 30% of its wireless business and spectrum assets for $4.4 billion. The deal is expected to close in the middle of next year. T-Mobile rose 0.79%, while Telephone and Data Systems, which owns 84% of U.S. Cellular, rose 1.65%. Insmed — Shares soared 118.67% after the biopharmaceutical company announced results from a late-stage trial of its chronic lung disease drug candidate brensocatib. The study found that the drug significantly reduced the annual incidence of lung disease exacerbations in non-cystic fibrosis bronchiectasis. Insmed plans to file for approval with the U.S. Food and Drug Administration in the fourth quarter. Agios Pharmaceuticals — Shares jumped 23.21% after Agios said it would sell 15% royalty rights to brain cancer drug vorasidenib to Royalty Pharma for $905 million. The company said it would retain 3% royalties on annual U.S. net sales exceeding $1 billion. Duolingo — Shares rose 8.83% after being upgraded to outperform by JMP. The company believes the e-learning company’s new subscription tier, Duolingo Max, and tailwinds from artificial intelligence could boost the stock. Semler Scientific — The medical technology stock soared 24.36% after the company announced it had adopted Bitcoin as its primary treasury reserve asset, following MicroStrategy’s strategy. Semler also said it had bought 581 Bitcoin for about $40 million. NVIDIA — The artificial intelligence darling continued its rally following last Wednesday’s quarterly earnings release, rising 7.13%. On Saturday, The Information reported that Elon Musk’s AI startup xAI, which recently raised $6 billion, plans to build a new supercomputer. Norwegian Cruise Line — Cruise shares rose 3.5% after being upgraded to buy from neutral by Mizuho Securities. The investment firm said Norwegian has an improving outlook for revenue growth and could benefit from a change in sentiment on the company’s shares, which have been a popular target for short sellers. Sarepta Therapeutics — The biopharmaceutical stock fell 8.21% after being downgraded to sector perform from sector outperform by RBC Capital Markets. The company said the stock, which has risen about 28% so far this year, is becoming less attractive amid growing hopes that the FDA will expand its indication for gene therapy drug Elevidys. RBC senses a somewhat milder message from the FDA. Sea Limited — Shares fell 3.26%. Reuters reported that Indonesia’s antitrust regulator said it is investigating Sea Limited’s e-commerce platforms Shopee and Lazada for possible violations of anti-competition rules. Atlantica Sustainable Infrastructure — Shares fell 5.17% after the company agreed to be acquired by Energy Capital Partners and co-investors for $22 per share in cash. Zscaler — The cybersecurity company fell 4.36% after it was downgraded to equal weight from overweight by Wells Fargo. The bank cited growing competitive pressures for the decision. Airbnb — Shares of the short-term rental company rose 1.76% after it was upgraded to outperform by Wedbush. The company said Airbnb’s recent poor performance offers an attractive entry point, citing strength in travel demand. Elanco Animal Health — Shares of the animal health company, formerly part of Eli Lilly, rose 2.08%. The FDA said the company’s methane-reducing feed ingredient Bober meets safety and effectiveness requirements. — CNBC’s Tanaya Maciel, Pia Shin, Ha-Kyun Kim and Jesse Pound contributed reporting.
Biggest movers midday: GME, USM, NVDA, NCLH
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