GameStop, AMC, DraftKings, Starbucks: What to Watch in the Stock Market Today

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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https://www.wsj.com/articles/meme-stocks-bounce-back-what-to-watch-when-the-stock-market-opens-today-11641557297

Jinggo B Danuarta

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