Virgin Galactic stock tumbles, while CarMax and Conformis climb and other stocks on the move

By MarketWatch

Pet-insurance provider Trupanion will push through double-digit rate increases in two states

Here are some of the biggest movers of the day ahead of Friday's market open:

Stock gainers:

CarMaxInc. stock (KMX) is rallying 9.1% toward a nine-month high after the used car seller reported adjusted first-quarter profit of $1.16 a share, well above the FactSet consensus of 79 cents. Total sales dropped 17.4% to $7.69 billion, but beat the FactSet consensus $7.50 billion, as used vehicle sales fell 14.4% to $6.00 billion while wholesale vehicle sales declined 28.5% to $1.51 billion.

Conformis Inc. (CFMS) stock shot up by 90.6% in active trading Friday, after the orthopedic patient care company announced an agreement to be acquired by Restor3d for a 96% premium. Restor3d will pay $2.27 in cash for each Conformis share. The price is 95.7% above Conformis's Thursday closing price of $1.16. "

Trupanion Inc. (TRUP) stock jumped 10.3% after the pet-insurance provider announced that California and New York approved double-digit rate increases, saying that the hikes were "necessary in today's rising cost of veterinary care environment."

Shares of Smith & Wesson Brands Inc.(SWBI) jumped 18.3% after the gun maker reported fiscal fourth-quarter results that topped expectations and said its board approved a 20% dividend hike

GSK(GSK.LN) stock rose 4.4% after the pharmaceutical group said said Friday it has reached a confidential settlement over a lawsuit involving heartburn treatment Zantac and accusations that it causes cancer. The case, which was filed in a California state court, will be dismissed, the company said. Shares of Haleon PLC (HLN.LN) and Sanofi SN, also affected by litigation fears, rose modestly.

3M Co. shares (MMM) rose 1.6% after the materials and chemicals company, and Dow Jones Industrial Average component, offered $10.3 billion to settle claims it was responsible for so-called "forever chemicals" in drinking water.

Stock decliners:

Shares of Virgin Galactic Holdings Inc. (SPCE) dropped 17.9% after the space-tourism company said late Thursday in a filing it's seeking to raise $400 million to scale up its business and improve its fleet.

Canopy Growth Corp.(WEED.T) shares were down 11.8% after the Canadian pot producer reported another quarter of deeper-than-expected losses and weaker sales.

-MarketWatch

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06-23-23 1020ET

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