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Midday movers: GameStop, Carvana, First Republic and more

By Liz Moyer

Investing.com -- Stocks were trading lower ahead of the Federal Reserve's decision on interest rates and its economic forecasts. Here are the midday movers for March 22.

  • GameStop Corp (NYSE:GME) shares jumped 35% after the game retailer reported a surprise fourth-quarter profit as sales beat expectations. The company has been cutting costs.
  • Carvana Co (NYSE:CVNA) shares rose 8% after the online used car seller revised its guidance for the first quarter to include a narrower-than-expected adjusted loss. The company sees lower expenses and higher gross profit per unit. 

  • First Republic Bank (NYSE:FRC) shares fell 3.5% after reports the bank hired more advisors as big banks consider a capital infusion. PacWest Bancorp (NASDAQ:PACW) shares fell 10% after the bank said it wouldn't try to raise capital and disclosed deposit outflows.

  • Virgin Orbit Holdings Inc (NASDAQ:VORB) shares jumped 56% after the commercial satellite launch company said it was incrementally resuming operations as it prepares for its next launch later this month.

  • Petco Health and Wellness Company Inc (NASDAQ:WOOF) shares fell 13% after the pet product retailer gave a disappointing outlook for 2023 after a mixed fourth-quarter report.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.