Wall Street stocks opened flat after jobs figures showed a decline in the unemployment rate. Here’s what we’re watching in Friday’s trading:
- Some meme stocks were bouncing back after a rough start to the year. The WSJ reported that
GameStop
is planning to launch a division to develop a marketplace for nonfungible tokens and establish cryptocurrency partnerships. Another retail-trader favorite,
AMC Entertainment,
was up in early trading.
GameStop aims to enter the markets for NFTs and cryptocurrency.
Photo:
shannon stapleton/Reuters
-
Bed Bath & Beyond
was up, building on Thursday’s 8% rise. The gains came after the retailer reported disappointing quarterly results—but the company has also been part of the meme stock craze of the past year, so big swings aren’t out of the ordinary.
-
Absci
surged more than 50% premarket after the drug and target discovery company said it formed a research collaboration potentially worth more than $600 million with
Merck
that will use Absci’s AI-powered platform.
- The New York State Gaming Commission said Thursday that four mobile sports gambling operators—Caesars Sportsbook, FanDuel,
DraftKings
and Rush Street Interactive—can launch as soon as Saturday and that they have met requirements to take and process bets.
-
T-Mobile US
reported fewer new subscribers during the recent quarter than analysts had been expecting.
-
Rivian Automotive
shares briefly dipped below their IPO price on Thursday, and its finance chief said the company plans to put growth before profit as it looks to build out the business.
- RBC Capital cut its price target and rating for the
Starbucks.
- Newly public digital media company
BuzzFeed
is reorganizing its top ranks after its merger with Complex Networks, as it tries to win over investors.
- Software company
Duck Creek Technologies
reported higher revenue in the recent quarter compared with a year ago.
-
Acuity Brands
said first-quarter profit rose from last year on higher sales despite ongoing supply-chain challenges.
Chart of the Day
- Barclays analysts estimate that bond supply from financial companies will fall 30% in 2022, led by declining bank issuance.
Write to James Willhite at [email protected]
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