Here’s a look at the companies making the biggest moves at midday: GameStop — Shares jumped 25.16% after the video game retailer said Friday that it made about $933 million selling shares. U.S.-traded gambling stocks DraftKings and Flutter Entertainment, the parent company of FanDuel, fell 10.29% and 7.73%, 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. U.S. cellular stocks rose 12.19% 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. T-Mobile shares rose 0.79%, while Telephone and Data Systems, which owns 84% of US Cellular, rose 1.65%. Insmed – Shares soared 118.67% after the biopharmaceutical company announced results from a late-stage study of its chronic lung disease drug candidate, brensocatib. The study found that the drug significantly reduced the annual incidence of pulmonary exacerbations in non-cystic fibrotic bronchiectasis. Insmed plans to file for FDA approval in the fourth quarter. Agios Pharmaceuticals – Shares jumped 23.21% after Agios said it would sell the rights to its 15% royalty on brain cancer drug vorasidenib to Royal Pharma for $905 million. The company said it will retain a royalty of 3% on annual net U.S. sales exceeding $1 billion. Duolingo – Shares rose 8.83% after the JMP index rose 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 24.36% 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 shares rose 7.13%, extending their rally following 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 3.5% after Mizuho’s stock was upgraded to neutral. The investment firm said the Norwegian company had improved earnings growth prospects and could benefit from a change in sentiment for its shares, which have been a popular short-selling target. Sarepta Therapeutics – Biopharma stocks fell 8.21% 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 of an FDA expansion of gene therapy brand Elevidys. RBC believes that the agency’s message is somewhat more restrained. Sea Limited – Shares fell 3.26%. 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 5.17% after the company agreed to be acquired by Energy Capital Partners and co-investors for $22 per share in cash. Zscaler – The cybersecurity company lost 4.36% after Wells Fargo downgraded to overweight. The bank cited growing competitive pressure for the proposal. Airbnb — Shares of the short-term rental company rose 1.76% after Wedbush upgraded the stock to outperform. The company said Airbnb’s recent decline provides an attractive entry point, citing strong travel demand. Elanco Animal Health, a veterinary company formerly part of Eli Lilly, rose 2.08%. The FDA said Bovaer’s methane-reducing feed ingredient meets safety and effectiveness requirements. —Reporting by CNBC’s Tanaya Machil, Pia Singh, Hakyung Kim and Jessie Pound.
