Check out the companies making the biggest moves midday:
GameStop — Shares jumped 25.16% following the video game retailer’s announcement on Friday that it made about $933 million from a stock sale.
Gambling stocks — DraftKings and U.S.-traded shares of FanDuel parent Flutter Entertainment fell 10.29% and 7.73%, respectively. Illinois Senate approved the state’s budget over the weekend, which includes a measure that would raise taxes on sports betting, implementing a progressive tax rate for sports-betting companies based on their revenue.
U.S. Cellular — Shares added 12.19% after the telecom company announced T-Mobile will acquire its wireless operations and 30% of spectrum assets for $4.4 billion. The deal is expected to close midway through next year. T-Mobile rose 0.79%, while Telephone and Data Systems, which owns 84% of U.S. Cellular, gained 1.65%.
Insmed — The stock soared 118.67% after the biopharma company announced results of its late-stage trial for its chronic lung disease drug candidate, brensocatib. The study found the drug significantly reduced the annualized rate of pulmonary exacerbations in noncystic fibrosis bronchiectasis. Insmed plans to file for U.S. Food and Drug Administration approval in the fourth quarter.
Agios Pharmaceuticals — Shares popped 23.21% after Agios said it will sell the rights to its 15% royalty on brain cancer drug vorasidenib to Royalty Pharma for $905 million. The company said it will retain a 3% royalty on annual U.S. net sales greater than $1 billion.
Duolingo — Shares rallied 8.83% following an upgrade from JMP to outperform. The firm thinks Duolingo Max, the e-learning company’s new subscription tier, and artificial intelligence tailwinds could drive shares higher.
Semler Scientific — The medical technology stock surged 24.36% after the company said it has adopted bitcoin as its primary treasury reserve asset, taking a page out of MicroStrategy’s playbook. Semler also announced the purchase of 581 bitcoins for about $40 million.
Nvidia — The artificial intelligence darling advanced 7.13%, continuing its rally after the chipmaker’s quarterly earnings report last Wednesday. On Saturday, The Information reported Elon Musk’s AI startup xAI, which recently raised $6 billion, plans to build a new supercomputer.
Norwegian Cruise Line — The cruise stock rose 3.5% after an upgrade to buy from neutral at Mizuho. The investment firm said Norwegian has an improved outlook for earnings growth and could benefit from a change in sentiment around its stock, which has been a popular target for short sellers.
Sarepta Therapeutics — The biopharma stock sank 8.21% after being downgraded by RBC Capital Markets to sector perform from outperform. The firm said the setup for the stock, which is up about 28% so far this year, looks less compelling amid growing expectations for the FDA’s label expansion of gene therapy Elevidys. RBC senses a slightly more tempered message from the agency.
Sea Limited — Shares dropped 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 anticompetition 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 shed 4.36% following a downgrade at Wells Fargo to equal weight from overweight. The bank cited mounting competitive pressures for the call.
Airbnb — The short-term rental company’s stock rose 1.76% after being upgraded by Wedbush to outperform. The firm said Airbnb’s recent underperformance provides an attractive entry point, citing strong travel demand.
Elanco Animal Health — Shares of the animal health-care company, formerly a part of Eli Lilly, added 2.08%. The FDA said its Bovaer methane-reducing feed ingredient met safety and efficacy requirements.
