Block, Deutsche Bank, GameStop, Activision, And More Top midday moves

‍Block

A short seller Hindenburg Research alleged that Block facilitates fraud, so shares of Block dropped nearly 3% in the prior trading session after they lost nearly 15% in the prior trading session. After Hindenburg's short position on the payment company's Cash App, Atlantic Equities downgraded the stock to a hold rating on Friday. They cited a lack of clarity regarding the Cash App.

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GameStop

It has been active since the company announced its first profitable quarter in two years earlier this week, which led to the stock picking up 2.5% in midday trading Wednesday.

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Deutsche Bank

It was reported that the bank's shares, which are listed on the U.S. Stock Exchange, dropped 5% on Friday, rebounding from their lows. The bank's stock had dropped about 14% after its credit default swaps soared without any apparent reason. It was said that investors need to focus on the fundamentals of the European bank, as JPMorgan defended Deutsche Bank Friday.

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Regeneron

Regeneron is up 2.2% after Jefferies upgraded its rating on the pharmaceutical company to a buy-from hold. The company holds the Dupixent drug, which is being developed alongside Sanofi, as a potential catalyst going forward.

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Wells Fargo and JPMorgan

This week, commercial bank giants are experiencing a bearish trading session, with Wells Fargo's stock dropping 2.3% and JPMorgan's stock tumbling 2.2%, as the sector has been under pressure as a whole. Both stocks have been under pressure due to the turmoil taking place in the broader financial sector.

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Incyte

After Incyte announced that it had been informed by the Food and Drug Administration that the regulator would not approve the company's application for the current form of its blood cancer drug tablet, the stock of the pharmaceutical company went down approximately 4%.

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Activision Blizzard and Microsoft

The price of Microsoft shares surged by 0.2% after Microsoft dropped some of its concerns about the potential purchase of the company by Microsoft. The company is up about 5% since this morning.

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