Welcome to Extreme Investor Network, where we bring you the latest updates and insights on the world of finance. Today, we will be discussing the companies that are making the biggest moves midday in the market.
First up, GameStop. The video game retailer saw its shares jump nearly 23% after announcing that it made about $933 million from a stock sale. This news certainly caught the attention of investors and helped drive the stock price up.
Next, let’s talk about some gambling stocks. DraftKings and U.S.-traded shares of FanDuel parent Flutter Entertainment both saw their shares fall 10% and 7%, respectively. This drop can be attributed to the Illinois Senate approving the state’s budget, which includes a measure to raise taxes on sports betting. This news has certainly impacted the stock prices of these companies.
Moving on to telecom, U.S. Cellular saw its shares add 7% after announcing that T-Mobile will acquire its wireless operations and 30% of spectrum assets for $4.4 billion. This deal is expected to close midway through next year and has certainly boosted investor confidence in U.S. Cellular.
In the biopharma sector, Insmed saw its stock soar nearly 105% after announcing positive results from its late-stage trial for its chronic lung disease drug candidate, brensocatib. The company plans to file for FDA approval in the fourth quarter, which has certainly excited investors.
These are just a few examples of the companies that are making waves in the market today. Stay tuned to Extreme Investor Network for more updates and insights on the world of finance. Happy investing!