GameStop, FuelCell stocks fall, Tesla, Carvana shares rally and other stocks on the move

By MarketWatch

GameStop stock tanks after surprise CEO firing, Tesla shares head for 10th-straight gain and Carvana's stock rockets 35%

Here are some of the bigger stock movers on Thursday.

Stock gainers:

Tesla Inc.'s stock (TSLA) jumped nearly 4% in midday trading, to put it on track for a 10th-straight gain, which would be the longest win streak in more than two years. Data out of China showed that the electric vehicle giant delivered 2.4% more cars built at the company's Shanghai plant that it did in April.

Shares of Carvana Co. (CVNA) rocketed 35% toward an 8-month high after the car seller provided an outlook for and adjusted earnings metric that was well above expectations.

DSW store brand parent Designer Brands Inc. shares (DBI) ran up 19% after the footwear retailer reported fiscal first-quarter results that missed expectations and cut its full-year outlook, but said U.S. retail store traffic jumped 22% to "significantly" outpace its peer group. The stock has run up 36.5% since it closed at a 2 1/2-year low on May 31.

International Game Technology PLC's stock (IGT) jumped 13% toward a 19-month high after the games company said it was evaluating "potential strategic alternatives" for its Global Gaming and PlayDigital businesses.

Cardinal Health Inc. shares (CAH) rose 2% after the health care services company set a new $3.5 billion stock repurchase program and nudged up its 2023 profit outlook.

Semtech Corp. shares (SMTC) rallied 4% after the analog and mixed-signal chipmaker swung to a surprise profit

Stock decliners:

GameStop Corp.'s stock (GME) tanked 18% after the retailer fired Chief Executive Mike Furlong and said that its board elected activist investor Ryan Cohen as its executive chairman

FuelCell Energy Inc.'s stock (FCEL) shed 2.5% after the fuel cell technology and hydrogen production company reported a wider-than-expected fiscal second-quarter loss, even as revenue more than doubled and beat forecasts.

Signet Jewelers Ltd. shares (SIG) slumped more than 9% after the diamond jewelry retailer provided a sales and profit outlook that was below Wall Street projections, citing a continued consumer shift away from discretionary spending amid macroeconomic challenges.

Shares of Smartsheet Inc. (SMAR) fell 19% after the cloud-based work-management platform provider's billings missed Wall Street estimates and its free-cash-flow outlook appeared light

Shares of Oxford Industries Inc.(OXM) dropped 10% after the parent company of Tommy Bahama and other brands lowered its guidance for the year, saying that consumers have grown more cautious.

-MarketWatch

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06-08-23 1227ET

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