An exterior view of the Party City store, which will close on July 8, 2020 in Pembroke Pines, Florida.
Johnny Louis | Getty Images
Check out the companies that make headlines during afternoon trading.
Intel – Shares of the chipmaker fell more than 8% after CNBC’s David Faber reported that CEO Bob Swan would step down next month. The company later confirmed the news. Intel has struggled in recent years, losing market share to competitors such as AMD.
Airbnb – Vacation rental inventory is up more than 6% on Wednesday, building on an 8.6% increase in the previous session. The stock has had a volatile start to the year and is on track for its sixth day with a move of more than 3% in 2021. Airbnb said it will cancel and block future reservations on the Washington, DC metro during the week of president – select Joe Biden’s inauguration.
Zoom Video – Shares are up more than 7% and continue to recover from recent losses. The popular stay-at-home bet, which rose 395% in 2020, experienced a weakness in recent weeks as investors pulled out of high-flying pandemics. The stock fell by almost 30% in December. The video conferencing company issued new shares on Wednesday to raise about $ 1.75 billion in cash. CNBC’s Jim Cramer said Zoom is here to stay and the stock’s recent slump may be over.
GameStop – The video took the company to a record 60% after the company announced that Chewy co-founder and former CEO Ryan Cohen is joining the board. Wednesday’s jump brought the stock’s gains to over 80% so far.
Party City – Stocks plummeted more than 14% as the company issued weak guidelines for the fourth quarter at an investor conference. The retailer said the rapid rise in new coronavirus cases had a greater than expected impact on consumer behavior, including a smaller 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 its stock to buy from Neutral and praised its electric vehicle strategy. The stock is up nearly 12% this week alone.
Urban Outfitters – The retailer was down 6% after saying sales were down 8.4% year-on-year for the two-month period ended December 31. The company also announced the departure of CEO Trish Donnelly effective January 31.
Target – Shares hit a new all-time high on Wednesday, before returning that profit and trading about 1% lower. The move came after Target said sales at the same store were up 17.2% during the holiday season, with online sales more than doubling in November and December.
KB Home – Residential building business recovered more than 5% after KB Home reported better-than-expected quarterly results. KB Home reported earnings of $ 1.12 per share on revenues of $ 1.19 billion. Analysts expected earnings of 93 cents a share on revenue of $ 1.14 billion, according to Refinitiv.
Exxon Mobil – Stocks of the energy giant rose more than 1% after JPMorgan upgraded the stock from neutral to overweight. The company said Exxon’s dividend is safe, echoing Morgan Stanley’s sentiment of Exxon’s upgrade on Monday.
Twitter – Share on social media rose more than 2% after MKM Partners upgraded the company to buy from neutral, saying it is poised to put the negative sentiment behind the pandemic and politics behind it. Its stock is down more than 11% in the new year as Twitter and other companies step up efforts to strip their services of content that could lead to violence, such as the events of the Capitol uprising. Twitter has permanently suspended President Donald Trump’s account.
CNBC’s Maggie Fitzgerald, Jesse Pound, Pippa Stevens and Fred Imbert contributed to the reporting.
Subscribe to CNBC PRO for exclusive insights and analysis, and live programming of working days from around the world.