Stocks making the biggest moves midday: GameStop, Dexcom, Cano Health and more

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Traders work on the trading floor at the New York Stock Exchange (NYSE) below GameStop signage in New York, August 8, 2022.
Andrew Kelly | Reuters

Check out the companies making headlines in midday trading Thursday.

GameStop — Shares of the video game retailer and meme stock jumped more than 8% even after the company reported a wider-than-expected loss for the third quarter. CEO Matthew Furlong told investors the company “is attempting to accomplish something unprecedented in retail … seeking to transform a legacy business once on the brink of bankruptcy,” in a call Wednesday.

Dexcom

Cano Health — Shares of the primary care provider for seniors shed 19.8% after Bloomberg reported that Daniel Loeb’s Third Point sold its remaining stake due to concerns about liquidity. The hedge fund owned a 3.5% position in October.

Ciena — Shares of Ciena surged 19.8% after the maker of networking equipment reported better-than-expected fiscal fourth-quarter results. The company also said it sees “outsized” revenue growth in fiscal 2023.

DigitalOcean Holdingsinitiated the stock as a buy and said it expects its consumption-based model and initiatives “to land larger customers and better mine the market opportunity.” It also said the cloud infrastructure company’s managed services offerings can help its revenue growth in the medium-term.

Express — The apparel retailer rallied more than 38% after announcing a strategic partnership with brand management firm WHP Global. CEO Tim Baxter said the partnership will “drive greater scale and profitability” and strengthen its balance sheet

PVHnamed the company a top pick. UBS said it was one of the most likely to beat expectations in earnings next year from a list of about 40 stocks, while also saying it had faith in its business transformation plan.

C3.aiC3.ai surpassed estimates in its latest earnings report. The enterprise artificial intelligence software company reported a loss of 11 cents per share on revenue of $62.4 million. Analysts polled by Refinitiv were forecasting a loss of 16 cents per share on revenue of $60.9 million.

Lincoln National

— CNBC’s Sarah Min, Carmen Reinicke, Yun Li, Alex Harring and Michelle Fox contributed reporting

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