Finance

Intel, Zoom Video, Party City, Airbnb & more

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An exterior view of Party City shops closing their doors on July 08, 2020 in Pembroke Pines, Florida.

Johnny Louis | Getty Images

Check out the companies that are making headlines in midday trading.

Intel – The chipmaker’s shares fell more than 8% after CNBC’s David Faber announced that CEO Bob Swan would be stepping down from his post effective next month. The company later confirmed the news. Intel has had problems in recent years and has lost market share to competitors like AMD.

Airbnb – The vacation rental inventory increased more than 6% on Wednesday, up from an 8.6% increase in the previous session. The stock had a volatile start to the year and is on track for the sixth time, moving more than 3% in 2021. Airbnb said it will cancel future reservations in the Washington, DC area during President Week and blocked -Select Joe Biden’s inauguration.

Zoom Video – Shares rose more than 7% and continued to rebound from recent losses. The popular stay-at-home bet, which rose 395% in 2020, has seen slack in recent weeks as investors dropped out of high-flying pandemic games. The stock fell nearly 30% in December. The video conferencing company issued new shares Wednesday to raise approximately $ 1.75 billion in cash. CNBC’s Jim Cramer said Zoom is here to stay and the stock’s recent decline may be over.

GameStop – The video company rose more than 60% to a record high after the company announced that Chewy co-founder and former CEO Ryan Cohen was joining the board. The jump on Wednesday brought the share’s previous weekly profit to over 80%.

Party City shares fell more than 14% as the company gave poor guidance for the fourth quarter at an investor conference. The retail chain said the rapid rise in new coronavirus cases had a higher-than-expected impact on consumer behavior, including a decreased size of social gatherings.

General Motors – Shares continued to rise after the company announced several new projects earlier this week, including an electric shuttle and a flying car. Nomura Instinet upgraded the stock to buy Neutral and praised its electric vehicle strategy. The stock is up nearly 12% this week alone.

Urban Outfitters – The retailer was down 6% after sales fell 8.4% year over year for the two-month period ended December 31. The company also announced the resignation of CEO Trish Donnelly effective January 31st.

Target – Stocks hit new all-time highs on Wednesday before returning those gains and trading about 1% lower. The move came after Target said sales in the same store grew 17.2% during the holidays and online sales more than doubled in November and December.

KB Home – The home builder gained more than 5% after KB Home posted better than expected quarterly results. KB Home reported earnings of $ 1.12 per share on sales of $ 1.19 billion. According to Refinitiv, analysts expected earnings of 93 cents per share on sales of 1.14 billion US dollars.

Exxon Mobil – The energy giant’s shares rose more than 1% after JPMorgan revalued the stock from neutral to overweight. The company said Exxon’s dividend is safe, echoing Morgan Stanley’s assessment of Exxon’s upgrade on Monday.

Twitter – Social media stock rose more than 2% after MKM Partners switched the company to neutral and said it was ready to move on from negative sentiment due to the pandemic and politics. The stock is down more than 11% in the new year as Twitter and other companies step up efforts to rid their services of content that could lead to violence like the events of the Capitol uprising. Twitter has permanently banned President Donald Trump’s account.

– CNBC’s Maggie Fitzgerald, Jesse Pound, Pippa Stevens and Fred Imbert contributed to the coverage.

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