Hot Stocks: CVNA rises on upbeat Q2 outlook; GME dips on firing CEO; AMZN, TEVA gain; SIG, GME fall
Major market indices surged during Thursday's intraday session as unemployment claims reached their highest level in more than a year and a half.
Looking at the individual stocks, Carvana (NYSE:CVNA) shares rose on an improved Q2 forecast, whilst Signet (NYSE:SIG) shares fell after FY2024 estimates were trimmed.
Simultaneously, Amazon (NASDAQ:AMZN) shares rose on positive analyst comment, while Fisker (NYSE:FSR) sank on a downgrade.
In other news, GameStop (NYSE:GME) shares fell after its CEO was fired, while Teva Pharmaceutical (NYSE:TEVA) climbed after an opioid case was settled.
Gainers

Carvana (CVNA) stock jumped more than 40% following a positive Q2 forecast update. The company sees adjusted EBITDA above $50M vs. prior view that EBITDA would be positive.
Amazon (AMZN) shares climbed 4% after Wells Fargo began coverage with an Overweight rating and a $159 price target on the company. The company was also named a Top Pick in the Internet Sector by the firm after CEO Andy Jassy stated at Amazon's Annual General Meeting that the regional fulfilment center concept is already having a significant impact on fulfilment and shipping efficiency. "We see North America retail margins improving more quickly than consensus, with 2018 margins returning by 2025, implying significant [operating income] upside," analyst Ken Gawrelski wrote in a note. "We expect AWS is bottoming in 3Q and should reaccelerate to more healthy growth rates exiting 2023, dampening the AWS bear case."
Teva Pharmaceutical (TEVA) shares rose after it settled litigation with all 50 states over its alleged role in the U.S. opioid crisis. According to a statement, Teva did not admit any fault in the settlements, noting that it chose to end the action because it was in the best interests of the company and individuals affected by the opioid crisis.

Decliners

Signet Jewelers (SIG) shares fell about 10% on a poor Q2 forecast, with EPS and revenue estimates for fiscal year 2024 lowered to below expectations, citing rising macroeconomic challenges. The company now forecasts full-year sales between $7.1B and $7.3B, down from a previous forecast of $7.67B to $7.84B and a consensus of $7.73B; EPS between $9.49 and $10.09, down from a previous forecast of $11.07 to $11.59 and a consensus of $11.11.
Fisker (FSR) shares plummeted more than 9% after Wolfe Research downgraded it from Peer Perform to Underperform and set a price target of $6. The company is the most speculative automaker stock in the firm's coverage universe, analyst Shreyas Patil said, adding the company is trying to build a brand in some of the most highly saturated industry segments.
The shares of GameStop (GME) fell 18% after it sacked CEO Matthew Furlong following poor Q1 financial reports. The board immediately appointed Ryan Cohen as executive chairman.

To keep track of Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section.
More on the markets:
Nasdaq, S&P, Dow advance after jobless claims rise to highest level since October 2021
BMO Capital Markets raises S&P 500 year-end target to 4,550
The Massive Stock Market Liquidity Drain Has Only Just Begun
S&P 500: Trillion-Dollar Liquidity Squeeze Meets AI Mania