Here’s a look at the companies making the biggest moves at midday: GameStop — Shares jumped nearly 23% after the video game retailer said Friday that it made about $933 million selling shares. Gaming stocks DraftKings and U.S.-traded shares of FanDuel parent Flutter Entertainment fell 10% and 7%, respectively. The Illinois Senate over the weekend approved a state budget that includes a measure to increase sports betting taxes as well as a progressive tax rate for sports betting companies based on their revenue. US cellular shares rose 7% after the telecom company announced T-Mobile would acquire its wireless operations and 30% of its spectrum assets for $4.4 billion. The deal is expected to close in the middle of next year. Shares of T-Mobile rose less than 1%, while shares of Telephone & Data Systems, which owns 84% of US Cellular, fell 2%. Insmed — Shares soared nearly 105% after the biopharmaceutical company announced results from a late-stage study of its chronic lung disease drug candidate, brensocatib. The study showed that the drug significantly reduced the annual incidence of pulmonary exacerbations in non-cystic fibrous bronchiectasis. Insmed plans to file for FDA approval in the fourth quarter. Shares of Agios Pharmaceuticals jumped 21% after Agios said it would sell the rights to its 15% stake in brain cancer drug voradenib to Royalty Pharma RPRX-US for $905 million. The company said it will retain a 3% royalty on annual U.S. net sales exceeding $1 billion. Duolingo – Shares rose 8.7% after being upgraded from JMP to a higher level. The firm believes Duolingo Max, the e-learning company’s new subscription tier and artificial intelligence tailwinds could drive the stock higher. Semler Scientific – Medical technology shares rose more than 30% after the company said it had adopted Bitcoin as a primary Treasury reserve asset, taking a page from MicroStrategy’s playbook. Semler also announced the purchase of 581 bitcoins, worth approximately $40 million. Nvidia – Artificial intelligence darling added 7%, extending its rally since the chip maker’s quarterly report last Wednesday. On Saturday, The Information reported that Elon Musk’s AI startup xAI, which recently raised $6 billion, plans to build a new supercomputer. Norwegian cruise line. Shares of the cruise line rose 3% after Mizuho upgraded its rating to neutral. The investment firm said the Norwegian company’s earnings growth prospects were improving and it could benefit from a change in sentiment for its shares, which have been a popular short-selling target. Sarepta Therapeutics – Biopharma stocks fell 9% after RBC Capital Markets downgraded them from sector outperformers. The company said the stock, which is up about 28% this year, looks less attractive amid rising expectations that the Food and Drug Administration will expand its Elevidys gene therapy brand. RBC believes that the agency’s message is somewhat more restrained. Sea Limited – Shares fell almost 5%. Reuters reported that Indonesia’s antitrust regulator said it was investigating Sea Limited’s e-commerce platforms Shopee and Lazada for possible violations of anti-competition rules. Atlantica Sustainable Infrastructure – Shares fell 5% after the company agreed to be acquired by Energy Capital Partners and co-investors for $22 per share in cash. Cybersecurity company Zscaler fell nearly 4% after Wells Fargo downgraded its rating to overweight. The bank cited growing competitive pressure for the proposal. Airbnb — Shares of the short-term rental company rose 1% after Wedbush upgraded it to outperform. The company said Airbnb’s recent weak performance represents an attractive entry point, citing strong travel demand. Elanco Animal Health, a veterinary company formerly part of Eli Lilly, rose 1%. The FDA said Bovaer’s methane-reducing feed ingredient meets safety and effectiveness requirements. — CNBC’s Tanaya Machil, Pia Singh, Hakyung Kim and Jessie Pound contributed reporting.
