© Reuters
By Liz Moyer
Investing.com — Stocks were trading lower ahead of the Federal Reserve’s on interest rates and its economic forecasts. Here are the midday movers for March 22.
- GameStop Corp (NYSE:) shares jumped 35% after the game retailer a surprise fourth-quarter profit as sales beat expectations. The company has been cutting costs.
- Carvana Co (NYSE:) 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.
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First Republic Bank (NYSE:) shares fell 3.5% after reports the bank hired more advisors as big banks consider a capital infusion. PacWest Bancorp (NASDAQ:) shares fell 10% after the bank said it wouldn’t try to raise capital and disclosed deposit outflows.
- Virgin Orbit Holdings Inc (NASDAQ:) 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.
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Petco Health and Wellness Company Inc (NASDAQ:) shares fell 13% after the pet product retailer gave a disappointing outlook for 2023 after a mixed fourth-quarter .
