Stocks making the biggest moves midday: Square, Biogen and more

The exterior of the headquarters of biotechnology company Biogen in Cambridge, MA is pictured on March 21, 2019.

John Tlumacki | Boston Globe | Getty Images

DocuSign – The electronic signature company’s stocks rose 19.7% after outperforming both sales and bottom line on its quarterly earnings. DocuSign made 44 cents a share on revenue of $ 469 million. According to Refinitiv, analysts expected earnings of 28 cents per share on sales of 438 million US dollars. DocuSign also gave revenue projections for the second quarter and full year above estimates.

Pershing Square Tontine Holdings – Billionaire investor Bill Ackman’s blank check company trades about 12% lower after confirming it is in talks to buy 10% of Universal Music Group for about $ 4 billion. Pershing said the deal will not result in a merger and Universal will advance its plans to list on Euronext Amsterdam in the third quarter.

AMC Entertainment – Meme stock fluctuated wildly in Friday’s volatile session, last trading nearly 6.7%. AMC is expected to end the week north of 100% profit as retailers piling up in the speculative names. CEO Adam Aron asked shareholders on Thursday to allow his company to issue up to 25 million more shares. It did so after AMC sold 20 million shares in two separate transactions last week, raising around $ 800 million in cash.

Biogen – The biopharmaceutical company’s shares are up about 5% as it awaits a Food and Drug Administration decision on its Alzheimer’s drug on Monday. If the agency agrees to market the drug, the stock, which closed at around $ 286 on Friday, could jump to $ 450 or drop to $ 200, according to Wall Street analysts.

Five Below – Five Below shares rose nearly 7% after the company’s earnings results for the first quarter beat Wall Street estimates. Sales in the same business also increased by 162% compared to the same quarter of the previous year. Analysts were looking for a 149.4% increase in comparable store sales.

Nvidia – Nvidia shares rose 3.6%, hitting a new 52-week high of $ 704.43 on Friday. Evercore ISI reiterated Nvidia as the top pick on Thursday, saying the stakes will rise. “Despite rising crypto concerns and current supply restrictions, we believe that investor fears for NVDA’s gaming business are largely exaggerated as we believe that real gaming demand is still grossly underestimated,” said Evercore in a message.

Northrop Grumman – The defense company’s shares rose 3% after Stifel upgraded the stock to buy off hold. The investment firm said in a note that the defense sector appears undervalued and that Northrop Grumman’s stock could rise nearly 30%.

Square – The payment company’s shares rose more than 1% on Friday after CEO Jack Dorsey announced on Twitter that Square was considering creating a Bitcoin wallet that would allow Bitcoin holders and buyers to hold their own funds instead of leaving them in the hands of the purse where they bought it. The tease included the possibility of integration with the CashApp digital wallet for consumers across the board.

Lululemon Athletica – Lululemon shares rose nearly 3.8% after the sportswear maker announced better-than-expected financial results for the first quarter. The company reported quarterly adjusted earnings of $ 1.16 per share on revenue of $ 1.23 billion, beating analysts’ expectations of 91 cents per share on revenue of $ 1.13 billion. Dollar. Lululemon also issued a strong forecast for the fiscal second quarter and raised its estimates for the full year.

Tesla – The electric vehicle company saw shares rise 4.6% after reports it plans to build a headquarters and showrooms in India and is considering using a franchise model for aftersales workshops. The rebound comes after Tesla suffered a downturn on Thursday due to a drop in sales in May.

– CNBC’s Hannah Miao, Maggie Fitzgerald, Yun Li and Jesse Pound contributed to the coverage

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