Stocks making the biggest moves midday: Disney, Poshmark, Vroom and more
In this article
Check out the companies making headlines in midday trading Monday.
Poshmark — Shares of the secondhand fashion retailer jumped 15% after Barclays upgraded them to overweight from equal weight. The firm said it sees more than 40% potential upside for the stock, especially if consumers trade down in a recession.
Disney – Shares of the entertainment company gained 2.8% after Daniel Loeb's Third Point took a new stake in the giant. In a letter to Disney CEO Bob Chapek, the activist investor said there is a strong case that sports network ESPN should be spun off. Loeb also called on Disney to accelerate integrating streamer Hulu.
Vroom – Shares of automotive sales platform Vroom shed 6% after JPMorgan said it's time to sell the company, which has shed more than 80% this year so far. The firm took a bearish stance on the used car industry as well, seeing it struggling in a potential recession.
Unity, AppLovin – Unity Software fell more than 6.7% after the company announced that it was rejecting an unsolicited takeover offer from AppLovin. As part of the decision, Unity is continuing with its previously announced acquisition of IronSource. Shares of AppLovin dropped 6.4%.
Bed Bath & Beyond – Shares of Bed Bath and Beyond spiked more than 8% amid a continued meme stock trading frenzy that's lifted shares of the retailer. So far in August, the stock is up nearly 180%.
Energy stocks – Energy names slumped with the price of oil, which fell Monday after China reported weak economic data. Valero shed more than 3%, Marathon Oil slipped nearly 2.7% and Chevron slumped 2%.
Embecta — The diabetes-management company's stock rallied 17% on the back of better-than-expected quarterly results. Embecta posted a profit of $1.07
Read more on cnbc.com
