Here’s a look at the biggest movers at midday: GameStop — Shares rose nearly 23% after the video game retailer said on Friday it made about $933 million in profits from a stock sale. Gambling stocks — U.S.-listed shares of DraftKings and FanDuel parent Flutter Entertainment fell 10% and 7%, respectively. The Illinois Senate approved the state’s budget over the weekend, which includes a measure to raise taxes on sports betting and apply a progressive tax rate to sports betting companies based on revenue. U.S. Cellular — Shares rose 7% after the company said T-Mobile would buy 30% of its wireless business and spectrum assets for $4.4 billion. The deal is expected to close in the middle of next year. T-Mobile rose less than 1%, while Telephone and Data Systems, which owns 84% of U.S. Cellular, fell 2%. Insmed — Shares soared nearly 105% after the biopharmaceutical company announced results from a late-stage trial of brensocatib, a candidate for the treatment of chronic lung disease. The study found that the drug significantly reduced the annual incidence of lung disease exacerbations in non-cystic fibrosis bronchiectasis. Insmed plans to file for FDA approval in the fourth quarter. Agios Pharmaceuticals — Shares surged 21% after Agios said it was selling 15% royalty rights on brain cancer drug vorasidenib to Royalty Pharma RPRX-US for $905 million. The company said it would retain 3% royalties on annual U.S. net sales of more than $1 billion. Duolingo — Shares rose 8.7% after being upgraded to outperform by JMP. The company believes the e-learning company’s new subscription tier, Duolingo Max, and tailwinds from artificial intelligence could boost the stock. Semler Scientific – The medical technology stock soared more than 30% after the company said it followed MicroStrategy’s strategy and adopted Bitcoin as its primary treasury reserve asset. Semler also announced that it would buy 581 bitcoin for about $40 million. Nvidia – The artificial intelligence darling’s shares rose 7%, continuing its rally after the release of quarterly earnings 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 – Cruise shares rose 3% after being upgraded to buy from neutral by Mizuho Securities. The investment firm said Norwegian’s revenue growth outlook is improving and it could benefit from a change in sentiment on the company’s shares, which have become a popular target for short sellers. Sarepta Therapeutics – The biopharmaceutical stock fell 9% after being downgraded to perform from sector outperform by RBC Capital Markets. The company said the company’s shares, which have risen about 28% so far this year, are looking less attractive amid growing hopes that the Food and Drug Administration will expand indications for its gene therapy drug Erebdis. RBC senses a somewhat milder message from the agency.Sea Limited — Shares fell about 5%. Reuters reported that Indonesia’s antitrust regulator said it was investigating Sea Limited’s e-commerce platforms Shopee and Lazada for allegedly violating 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. Zscaler — Cybersecurity company Zscaler fell about 4% after Wells Fargo downgraded the stock to equal weight from overweight. Wells Fargo downgraded the stock, citing growing competitive pressures. Airbnb — Shares of short-term rental company Airbnb rose 1% after Wedbush upgraded it to outperform. The company said Airbnb’s recent slump offers an attractive entry point, citing strength in travel demand. Elanco Animal Health — Shares of the animal health company, formerly part of Eli Lilly, rose 1%. The FDA said its methane-reducing feed ingredient Bovare met safety and effectiveness requirements. —CNBC’s Tanaya Maciel, Pia Shin, Ha-Kyun Kim and Jesse Pound contributed reporting.
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