Stocks making the biggest moves midday: RH, Signet Jewelers, Clover & more

Entrance of the Restoration Hardware store in the Meatpacking District of New York. 

Source: RH

RH – Shares of RH surged about 15.7% after the retailer’s first-quarter financial results beat Wall Street expectations. The home furnisher, known formerly as Restoration Hardware, reported adjusted earnings of $4.89 per share on revenue of $861 million. Analysts were expecting adjusted earnings of $4.10 per share on revenue of $758 million, according to Refinitiv. RH also raised its full-year outlook. 

Signet Jewelers – Signet shares jumped nearly 14% after the company’s first-quarter earnings topped analysts’ projections. The jeweler reported adjusted earnings of $2.23 per share, compared with the Street’s $1.27 per share expectation, according to Refinitiv. Signet also beat analysts’ revenue expectations and its same-store sales more than doubled.

ServiceNow – Shares of the enterprise software company jumped about 5.3% after Goldman Sachs added the stock to its conviction buy list. The firm said that the company’s growth should accelerate again in 2022 and its shares had upside of nearly 50%.

Bristol-Myers Squibb – The pharmaceutical company is trading 3% higher after it reported positive results from a Phase 3 study in lymphoma. Bristol-Myers Squibb said it’s the first time a treatment beyond chemotherapy and stem cell transplant has demonstrated a benefit in relapsed or refractory large B-cell lymphoma.

Biogen – Shares of Biogen rose more than 2%. SVB Leerink raised its price target and maintained an outperform on the stock. UBS also upgraded it following the FDA’s approval of its Alzheimer’s drug.

Fastly – The cloud computing company’s stock fell more than 1% after Oppenheimer downgraded it to a perform from an outperform. Although the company moved quickly in response to the internet outage this week, the costs to customers to switch networks is low and could affect sales.

Eli Lilly and Co. – Shares of the company gained more than 3% after Eli Lilly said it had entered into a clinical trial collaboration and supply agreement with ALX Oncology. The trial will focus on patients with gastric or gastroesophageal junction cancer.

GameStop – Shares of GameStop fell about 19%. The company has hired two former Amazon executives to lead as CEO and CFO as the Securities and Exchange Commission is seeking information on the recent trading frenzy around it. GameStop also reported better than expected earnings Wednesday.

Clover Health, Wendy’s, Clean Energy Fuels Corp – Meme stocks fell. Shares of health insurance provider Clover declined 15%. Wendy’s slid more than 3%. Clean Energy Fuels, a natural gas provider based in California, tumbled about 15.5%.

 — CNBC’s Hannah Miao, Jesse Pound and Pippa Stevens contributed reporting

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(With inputs from CNBC)

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