GameStop, Docusign, Vail Resorts, and More

U.S. equities gained at midday Friday, rebounding from earlier losses after the Labor Department reported employers added more jobs to the economy than expected in May, dampening hopes of interest rate cuts by the Federal Reserve. The Dow, S&P 500, and Nasdaq were slightly higher.

The employment news sent the yield on the 10-year Treasury note soaring, and worries about higher borrowing costs weighed on shares of Pultegroup (PHM) and other home builders.

GameStop (GME) shares plunged after the company unexpectedly announced first-quarter results and plans to sell more stock, adding to the stock’s recent volatility. Trading in GameStop was halted multiple times during meme-stock influencer Keith Gill’s first YouTube livestream since January 2021.

Shares of Docusign (DOCU) fell after the provider of document signing software reported only a slight beat of revenue estimates, and its billing outlook raised worries about growth.

Vail Resorts (MTN) shares tumbled as the operator of ski resorts posted worse-than-expected results for the fiscal third quarter, and cut its guidance as a lack of snowfall reduced demand.

3M (MMM) shares gained as Bank of America upgraded the stock and boosted the price target, suggesting new CEO William Brown could help refocus the conglomerate.

Shares of Air Products and Chemicals (APD) were higher after the company signed an agreement with TotalEnergies (TTE) to deliver green hydrogen to the French oil and gas firm. TotalEnergies American depositary receipts (ADRs) fell.

Eli Lilly (LLY) shares advanced as Food and Drug Administration (FDA) researchers raised no major concerns about the pharmaceutical company’s experimental Alzheimer’s disease drug, donanemab. That sets up a vote Monday by an outside panel on whether regulators should approve the treatment. 

Oil futures gave up earlier gains and gold prices dropped. The U.S. dollar advanced on the euro, pound, and yen. Most major cryptocurrencies traded lower.