Market Update: Key Movers at Noon

Here’s a look at some companies making significant moves in the market around noon:

Oklo – This advanced reactor company saw its stock jump over 25% following hints that it might receive a contract for powering an Air Force Base. They’re set to install one of Aurora’s significant power plants at Ielson Air Force Base in Alaska. However, it’s worth noting that the award is still unconfirmed, and Oklo’s reactor design hasn’t yet been approved by the Nuclear Regulatory Authority.

GameStop – The video game retailer’s stock dipped nearly 5% after they reported first-quarter revenues of $732.4 million. In contrast, Bread Fintech stocks rose by 5% due to improved credit metrics in May. Interestingly, their net loss rate decreased from 8.8% to 8.0%, while their late payment rate also improved, dropping to 5.7% from the previous 5.9%.

Tesla – After experiencing a slight rise of about 1%, the electric car manufacturer faced a rocky week. CEO Elon Musk had previously affected stock prices after engaging in a social media spat with former President Donald Trump. Musk expressed some regrets over his comments on social media on Wednesday, just after promoting the company’s Robotaxis.

Chewy – The pet-focused e-commerce platform saw a decline of 10%. Despite reporting a revenue of 15 cents per share for the first quarter, this fell short of the expected 20 cents. On a positive note, Chewy exceeded Wall Street’s revenue forecast of $3.08 billion, achieving $3.12 billion instead.

Quantum Computing – Stocks in this sector surged after NVIDIA CEO Jensen Huang shared that the industry is hitting an inflection point, which propelled Quantum Computing stocks up by 24%, while Rigetti Computing saw a 17% increase.

Lockheed Martin – The defense contractor’s stock dropped around 5% after the Pentagon reduced its orders for a new F-35 fighter jet from 48 to 24 units, following a report from Bloomberg.

Sunrun – This solar company faced a nearly 3% decline after Jefferies downgraded its stock rating from hold to a cautious stance. They mentioned potential challenges if home solar doesn’t secure federal support.

Steel Stocks – U.S. steelmakers encountered a downturn after reports emerged of negotiations between the U.S. and Mexico to eliminate 50% tariffs on steel imports, attributed to a source from Bloomberg. Cleveland-Cliffs dropped by more than 9%, while Nucor and Steel Dynamics declined over 5% and 2%, respectively.

GitLab – The online software development platform saw a stock drop of more than 8% after revealing a disappointing revenue forecast. They expect second-quarter revenues to range from $226 million to $227 million, which is just below the analyst consensus estimate.

Goldman Sachs – Shares of the investment bank rose about 2% following a positive outlook from Bank of America. Analyst Ebrahim Puonawara emphasized that Goldman is well-positioned for the shifting macroeconomic landscape, citing their adaptability.

Dave & Buster’s – The stock rose over 14% even though their comparable sales were below expectations. Interim CEO Kevin Sheehan remarked, “We are encouraged by our early results in June, as they continue to show improvement over last month.”