Here are the stocks making notable moves in midday trading.
GameStop — Shares of the brick-and-mortar retailer fell more than 20% as the Reddit-fueled frenetic trading extended into February. After surging more than 1,600% in January, the stock is giving back some of its meteoric, albeit seemingly synthetic, gains. GameStop is heavily restricted on stock-trading app Robinhood.
Moderna — The biotech stock dropped 8% after Bank of America downgraded the stock to underperform from neutral. The firm’s analyst said in a note that move the move was largely due to valuation concerns.
AMC Entertainment — Shares of AMC Entertainment rose more than 6% on Monday, continuing its climb from last week fueled by Reddit-obsessed retail investors trying to squeeze the heavily shorted name. AMC shook off any headwinds from trading restrictions on stock trading app Robinhood.
Pan American Silver, Coeur Mining — Mining stocks followed silver higher on Monday as the precious metal became a point of discussion among retail traders on social media. Shares of Coeur Mining and Pan American Silver rose 19% and 9.7%, respectively.
Ford — The auto stock jumped 5% after the company announced a strategic partnership with Google-parent Alphabet.
Tesla – The electric vehicle company’s shares gained more than 2% after Piper Sandler more than doubled its target on the stock from $515 to $1,200. “2020 was a breakout year for (TSLA), but in our view, the fireworks aren’t over,” the firm said. The new target is roughly 47% above where the stock currently trades.
Stitch Fix – Shares of the online styling service company slipped more than 12% after Stifel downgraded the stock to a hold rating. The downgrade is a valuation call after the stock’s more than 40% rally this year. Over the long-term the firm remains optimistic on the company’s outlook, saying the business will be in a “stronger position post-pandemic.” The firm hiked its target on the stock from $64 to $83, which is slightly below where the stock traded on Monday.
Virgin Galactic — The space tourism company’s shares jumped as much as 17% in trading on Monday, breaking above $50 a share, after the space tourism company announced it will redo its aborted December flight test as early as Feb. 13. The stock is on track to finish above its previous highest closing price, according to FactSet. Virgin Galactic shares have more than double in the past month, and have climbed over 180% in the last 12 months.
Williams-Sonoma — Shares of the home good retailer slipped 3.7% after UBS downgraded the stock to sell from neutral. The investment firm said in a note that Williams-Sonoma’s recent performance has raised expectations too high for the year ahead.
CureVac — The biotech company’s share price rose nearly 10% after Bayer announced that it would help with manufacturing CureVac’s Covid-19 vaccine. The companies already had a partnership.
— CNBC’s Pippa Stevens, Maggie Fitzgerald and Michael Sheetz contributed to this story.
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