Intel, Zoom Video, Party City, Airbnb and more

Find out which companies are making headlines in midday trading.

Intel – Shares of the chipmaker have risen by more than 8% after CNBC’s David Faber announced CEO Bob Swan will step down, effective next month. The company then confirmed the news. Intel has struggled in recent years, losing market share to competitors like AMD.

Airbnb – The seasonal rental fleet jumped more than 6% on Wednesday, building on an 8.6% increase in the previous session. The stock had a volatile start to the year and is on track for its sixth day with a move of over 3% in 2021. Airbnb has announced it is canceling and blocking future reservations in the Washington metro area. , DC during President’s Week. -select the inauguration of Joe Biden.

Zoom Video – Stocks jumped more than 7%, continuing to rebound from recent losses. The popular stay-at-home bet, which rose 395% in 2020, has seen weakness in recent weeks as investors pulled back from high-profile pandemic games. The stock fell nearly 30% in December. The video conferencing company issued new shares to raise about $ 1.75 billion in cash on Wednesday. CNBC’s Jim Cramer said Zoom is here to stay and the recent stock pullback may be over.

GameStop – The video came as the company climbed over 60% to a record high after the company announced that Chewy’s co-founder and former CEO Ryan Cohen is joining the board. Wednesday’s jump took the gain of the week to date to over 80%.

Party City – Shares fell more than 14% as the company gave weak guidance for its fourth quarter at an investor conference. The retail chain said the rapid surge in new coronavirus cases was having a bigger than expected impact on consumer behavior, including a reduction in the size of social gatherings.

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

Urban Outfitters – The retailer slipped 6% after saying sales for the two-month period ending Dec.31 were down 8.4% year over year. The company also announced the departure of CEO Trish Donnelly effective Jan.31.

Target – Stocks hit a new all-time high on Wednesday, before returning those gains and trading around 1% lower. The move came after Target said same-store sales rose 17.2% during the holidays, with online sales more than doubling in November and December.

KB Home – The homebuilding business rebounded more than 5% after KB Home reported better-than-expected quarterly results. KB Home reported earnings of $ 1.12 per share on revenue of $ 1.19 billion. Analysts had expected earnings of 93 cents a share on revenue of $ 1.14 billion, according to Refinitiv.

Exxon Mobil – Shares of the energy giant rose more than 1% after JPMorgan moved from neutral to overweight. The company said the Exxon dividend was secure, echoing Morgan Stanley’s sentiment of its upgrade from Exxon on Monday.

Twitter – The social media headline jumped more than 2% after MKM Partners upgraded the company to buy at neutral prices, saying it was about to let negative sentiment stem from the pandemic and the politics behind. The headline 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 insurgency on Capitol Hill. Twitter has permanently suspended President Donald Trump’s account.

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

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